getting married and separate mortgages

stevietud

i have recently wed and my partner and i, like many people, have our own properties with mortgages in our own names. we live in the property in my name and rent out the other, although this is not a buy to rent mortgage.

what is the best way forward regarding managing these? do we keep the properties in separate names and unique mortgages or should we be changing the deeds, transfering equity etc so that both our names are on both mortgages?

My partner probably has to change her mortgage anyway as it is her maiden name on the deeds, will she be forced to switch the mortgage to 'buy to let'?

thanks

CLAPTON

as her property is let out then it would be a bad idea to share ownership as the cgt will probably be higher in that case as you were never resident there.

dimbo61

If she has consent to let from her lender is would normally be allowed to rent out the property for upto 3 years without changing the mortgage to a BTL.
Now she must take into account Capital gains tax and she should consider selling within 3 years of moving out or she will pay CGT on an profit from buying the property.
Check with your accountant who she uses to make sure she pays her TAX on the profit from renting.
No need to change name on property until she sells.
Little point in changing deeds or mortgage on your property as she now owns half as she is your wife and you own half her property ( unless you have something drawn up with solictor)
Buy a property together when you want something bigger /better

Thrugelmir

You need to weigh up if it is better to eventually sell both properties and invest the proceeds into your own home.

In that you'll pay less interest to buy it and should obtain better interest rates on a lower LTV.

CLAPTON

dimbo61 wrote: »

If she has consent to let from her lender is would normally be allowed to rent out the property for upto 3 years without changing the mortgage to a BTL.
Now she must take into account Capital gains tax and she should consider selling within 3 years of moving out or she will pay CGT on an profit from buying the property.
Check with your accountant who she uses to make sure she pays her TAX on the profit from renting.
No need to change name on property until she sells.
Little point in changing deeds or mortgage on your property as she now owns half as she is your wife and you own half her property ( unless you have something drawn up with solictor)
Buy a property together when you want something bigger /better

because one is married it doesnot follow that property is shared.
she will still own her property and he will still own his property.
in the event of a divorce then the judge may well decide differently but that doesn't affect legal ownership.

themull1

i didn't change to my married name on my mortgage, just left it at maiden name.