Budget 2010: Stamp duty threshold raised to £250,000 for first time buyers

Batchy

JA1000 wrote: »

Can you afford it on your own? If so I would do it, give it 6 months and add her in.

same position, yes i can afford it on my own, would I have to disclose WHO was also living there, therefore, if they HAD even had a property interest before?

Complicated me thinks... best to be honest with solicitor to cover your back and not jepardise the sale.

JA1000

Harvie wrote: »

No what I mean is was this in the papers etc...

Yep - largely speculated but unfortunately too late now. What's the dent?

JA1000

Batchy wrote: »

same position, yes i can afford it on my own, would I have to disclose WHO was also living there, therefore, if they HAD even had a property interest before?

Complicated me thinks... best to be honest with solicitor to cover your back and not jepardise the sale.

Solicitor would advise you to keep it simple, but it could be done.

Pee

Batchy wrote: »

same position, yes i can afford it on my own, would I have to disclose WHO was also living there, therefore, if they HAD even had a property interest before?

Complicated me thinks... best to be honest with solicitor to cover your back and not jepardise the sale.

I think without knowing more detail it is too hard to predict, as we don't know what questions the form will ask and whether you will be able to answer those truthfully. It is certainly worth considering. The downside is your girlfriend may be nervous about that - maybe not if you provide IOU for any deposit provided by her. You should also make sure she was covered in your Will.

tristan727

none of the q&a answers my problem...as we're about to buy a house in my wife's name only, and previously we had a house in her name only...should we switch it to my name only as I haven't owned a house before - or will they say no - you were married to a homebuyer?....they really do hate marriage don't they these lot.

queenmedusa

I'm in the same boat Harvie. I completed last Monday - that's £1,410 that I'll never see again!

Harvie_2

2k...its horrid. We could have waited had we known as no chain. We are getting married in May, all those things I have budgetd on and now this!! I am just curious as to if this was something that was common knowledge and I have been living in a bubble and not been aware.

Rah

Batchy wrote: »

same position, yes i can afford it on my own, would I have to disclose WHO was also living there, therefore, if they HAD even had a property interest before?

QUOTE]

You have to disclose who is going to be living in your house to your mortgage company anyway even before all this happened. I bought a house last year and although the house is wholly in my name, I had to get my boyfriend to sign something as I knew he would be living in the house with me. (this is like a disclaimer so that if you were repossessed the bank had the first claim on the house not anyone else living there).
On the other hand if you buy a house on your own, once the transaction is all complete you have your mortgage and have moved in, if your partner or anyone moves in after that you don't have to tell anyone (possibly your home insurance??) so that's fine.

However that is just as far as the mortgage is concerned.
For the stamp duty, it doesn't matter who else will be living with you; it only matters if the BUYER is a first time buyer.

If you purchase the house solely in your name then it won't matter if your gf has owned a property before.
The only issue might be between yourselves - how would she feel about not having a stake in the property?

Good luck!

pault123

I'm in the process of selling my house, would it be worth me moving back in with parents for 2 months after the sale - to then effectively become a "first time buyer"! :money:

squirter99

pault123 wrote: »

I'm in the process of selling my house, would it be worth me moving back in with parents for 2 months after the sale - to then effectively become a "first time buyer"! :money:

Uh no. If you are selling your house then I assumed you must have bought it. Therefore not a first time buyer.