First time buyer queries

neneromanova

Hi,

I'm not the first time buyer but my partner is and he's planning on getting a mortgage. I haven't owned a property for over 5 years so i've forgotten how things work. He will be getting the mortgage in just his name to avoid the stamp duty.

We've got the deposit sorted for a property we've seen. now we just need to sort the mortgage. When we get the mortgage in principle do we send the company anything or does he just answer questions?

Also what are the rough costs to solicitors nowadays? the property is on for £169950 but hopefully we can get them down a little as they want to move ASAP.

also who is the best around at the moment for a 5 year fixed with either 10 or 15% deposit. I've so far found the post office are the best but I haven't checked that many places. also which companies do I need to try to avoid?

Thanks in advance for your help.

Running_On_Empty

I'd be nervous of putting the house solely in partner's name.

neneromanova

Why? I know what my partner is like and also my name will be on the land registry. The mortgage is just in his name for the first time buyers discount on stamp duty. My name will be put on at a later date.

blueberrypie

neneromanova wrote: »

Why? I know what my partner is like and also my name will be on the land registry. The mortgage is just in his name for the first time buyers discount on stamp duty.

I don't think this is possible. I'm not an expert and am happy to be corrected by one when they come along, but as I understand it, if the property belongs to both of you jointly, both of you must be named on the mortgage. The reason for this is that it would be almost impossible for the lender to repossess a property which was partially-owned by someone who didn't owe them any money.

dollydiva

I think you are right here blueberry - are you planning to count both of your incomes nen? If so, I believe the lender will ask for both of you to be on the mortgage as surety in case one of you does off!

As Blueberry says..not sure about the legality of having your name on one doc. and not the other...

Get yourself some conveyancing quotes as often advised from a selection of solicitors - Internet, local and distant...look thru other posts tho...cheaper isn't necessarily better...


Dd

blueberrypie

dollydiva wrote: »

I think you are right here blueberry - are you planning to count both of your incomes nen? If so, I believe the lender will ask for both of you to be on the mortgage as surety in case one of you does off!

As Blueberry says..not sure about the legality of having your name on one doc. and not the other...

I don't think there's anything *illegal* about having one name on the mortgage and two on the deeds - I just don't think lenders allow it, even if the mortgage is based on only one of the incomes.

neneromanova

Thanks for the replies. If i wasn't allowed on just the house deeds I'd get OH to put my name on the mortgage at a later date. Obviously I'll see what a solicitor says about it.

kenwen

Look at getting a deed of trust - you won't be on the deeds but its a legal agreement between you and your partner that your solicitors can draw up

tkitmike

No - you can't be on the deeds and be a 'first time buyer'

Deed of trust would be your best bet..