Stamp duty tax

n_griffiths

I have a house in my name, but I'm looking to purchase with my partner and keep my current property.

The property we have found is over the amount she can get in a mortage on her own, which means we are likely to have to pay Stamp Duty (she would be a first time buyer otherwise and, therefore exempt)

Is there a way of avoiding this?
Can we try self certifying to obtain the mortgage for this second purchase, thus allowing it to be in her name only?
Can we obtain a mortgage in two names but only put the house in her name?

It's been hard enough raising the deposit - now need couple of grand for stamp duty!

Neil

opinions4u

Time to pay your dues.

Lord help us the nation's coffers need it!

n_griffiths

Accepted, but don't feel I'm quite in that fortunate position yet.

I have a small 2 bed house worth 88k in negative equity (purchased for 95k - hence not selling), looking to purchase slightly bigger property between us but, of course, it's a struggle to save when already paying mortgage etc.

I wouldn't mind paying it if I had the money!

kaych

buy something for less than 125k maybe?

JabT_2

I read it as house worth 88K, mortgage 95K, therefore 7K negative equity not 88K.

n_griffiths

yes 7k negative equity

We can afford repayments on our salaries - but saving takes a lot longer.

My partner wants a larger house and, most importantly, to move closer to her friends, family and job than we are currently. One issue is that even small 2 bedroom houses fall above the stamp duty threshold.

I assume from the replies that it's unlikely we'd be able to get a self certified mortgage in one name, nor would we be allowed to have a joint mortgage but house purchase in one name (I agree I always knew the latter was unlikely)

beecher2

n_griffiths wrote: »

Is there a way of avoiding this?

No, there's no way round it other than buying somewhere below the stamp duty threshold, or buying somewhere under £150,000 designated a disadvantaged area

n_griffiths

Shame as, ideally, I want the house in her name. We have agreed to do it that way as, if anything happens between us, she has a house and so do I. Seemed to simplify things.

beecher2

n_griffiths wrote: »

Shame as, ideally, I want the house in her name. We have agreed to do it that way as, if anything happens between us, she has a house and so do I. Seemed to simplify things.

But you've said the mortgage you need is above what she can afford alone so that's not an option. Your partner may 'want' a bigger house, close to friends, but maybe she will have to wait a bit longer for it.

CloudCuckooLand

n_griffiths wrote: »

looking to purchase slightly bigger property..

Current house worth £88k.

Stamp duty threshold £125k.

£37k difference, appears a bit more than 'slightly' bigger...

Look harder, negotiate harder...its very MSE!