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stamp duty - is this legal?
white_noise
Posts: 116 Forumite
me and my partner are in the market for a house and have been activily looking for a property, though a big issue is the stamp duty.
I am a ftb and my partner has a house already,we are keeping her house and buying one together, and then renting her's out.
we were discussing the issue of stamp duty with a couple of friends of ours and they were in a similar position last year. They 'said' what they did was they got a mortgage together but only put the house in one name (the person that was the ftb) on the land registry, by doing this they didn't have to pay a chuck of stamp duty.
i don't know if this is actually even possible (they are BSing), or if a solicitor would allow it, but would it be legal?
can you get a mortgage in two names but only put one on the land registery?
WN
I am a ftb and my partner has a house already,we are keeping her house and buying one together, and then renting her's out.
we were discussing the issue of stamp duty with a couple of friends of ours and they were in a similar position last year. They 'said' what they did was they got a mortgage together but only put the house in one name (the person that was the ftb) on the land registry, by doing this they didn't have to pay a chuck of stamp duty.
i don't know if this is actually even possible (they are BSing), or if a solicitor would allow it, but would it be legal?
can you get a mortgage in two names but only put one on the land registery?
WN
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Comments
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white_noise wrote: »me and my partner are in the market for a house and have been activily looking for a property, though a big issue is the stamp duty.
I am a ftb and my partner has a house already,we are keeping her house and buying one together, and then renting her's out.
we were discussing the issue of stamp duty with a couple of friends of ours and they were in a similar position last year. They 'said' what they did was they got a mortgage together but only put the house in one name (the person that was the ftb) on the land registry, by doing this they didn't have to pay a chuck of stamp duty.
i don't know if this is actually even possible (they are BSing), or if a solicitor would allow it, but would it be legal?
can you get a mortgage in two names but only put one on the land registery?
WN
I do not see a problem with this from a legal perspective (I am not a solicitor) if you only have one name on the mortgage and on the land reg.
The only thing you will need to be aware of that it will have issues if you seperate (assuming you are not married?)
If you have two names on the mortgage then I would think that you are on very shaky ground.0 -
in general the names on the mortgage must be a the same as the names on the deeds0
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If she has any 'interest' in the property then it would be tax evasion and illegal. She obviously would have an interest in it because it will be her home.
It's either your house alone, for which she understands the potential implications (more expensive than Stamp Duty!) or it belongs to both of you.Everything that is supposed to be in heaven is already here on earth.
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I very much doubt if any mortgage company would grant a mortgage in such circumstances. The person whose name is not on the Land Registry records doesn't have an interest in the property to be granted a mortgage on.
Some years back the shadier of them may have been less fussy.0 -
Doozergirl wrote: »If she has any 'interest' in the property then it would be tax evasion and illegal. She obviously would have an interest in it because it will be her home.
The OP could also read the HMRC guidelines at www.hmrc.gov.uk for clarification ...0 -
Very dodgy ground. The lender will require both names on the mortgage deed to be registered at the land registry.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
How would this make a difference? I thought that stamp duty was related to the purchase price of the property, not whether the purchaser was a FTB?0
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