first time buyer or am I? Advice please

pollyhelen

Hello

We are first time buyers looking at a property with a view to making an offer. We are totally new to this and have recently discovered that first time buyers don't pay stamp duty - otherwise we are in the 1% bracket. I think i am not a first time buyer as i am pretty sure my parents named me on the house they bought for me as a student.

We are wondering whether it is possible or sensible to buy the property in my fiances name only and add me on a short time afterwards? does that cost? Is this about the title deeds of the property or about the mortgage? It is likely that we will have a much better choice of mortgages with both our salaries noted.

Can anyone advise here? fyi the stamp duty is likely to be between £1600 and £1800.

Thanks very much!!!

CLAPTON

can't you ask your parents whether you were named on the mortgage?

its not easy to just 'add' your name to the deeds... it would require that the mortgage provider to agree and they may require a re-mortgage

pollyhelen

should have said - am checking with parentals for sure but pretty as it is.

remortgage sounds scary concept - one is enough I should think!!

anotherginger

probably would have been better asking them first and posting a questing on the forum later.

pollyhelen

why, is it a secret?

geoffky

we have just bought and i have owned several houses before but my wife has not so she has just bought on here own and my name is being added to the deeds in 7 days..we were cash buyers and i believe that makes a hell of a difference as mortgage company's want both of you on the deeds if it was a joint application..

anotherginger

pollyhelen wrote: »

why, is it a secret?

is what a secret?

i'm saying you're asking an impossible question. are you a first time buyer? you might be, you might not be. ask your parents.

pollyhelen

thanks geoffky, that is very useful. Are you saying you dont have a mortgage then? The property we are looking at is affordable in fiance's name only but we dont want him only to own it - be on the deeds etc. 7 days sounds very simple -so I guess we could sort the deeds separately to the mortgage.

thanks!

nimbo

pollyhelen wrote: »

thanks geoffky, that is very useful. Are you saying you dont have a mortgage then? The property we are looking at is affordable in fiance's name only but we dont want him only to own it - be on the deeds etc. 7 days sounds very simple -so I guess we could sort the deeds separately to the mortgage.

thanks!

sweet heart - you won't technically 'own' the deed of the house until the mortgage is paid off.

the bank will..... i think the idea is that the bank would want your name on the mortgage if it was going to be on the deeds....

geoffky

nimbo is right..we do not have a mortgage

Jojo1daffy

Aren't you listed with the land reg as the owner with the bank/building society having a charge on the property...?