We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Joint Mortgage but sole ownership..is this possible?
Comments
-
Absolutely right. I should have said "may" rather than "will."ruggedtoast wrote: »Apparently you only pay stamp duty after a certain amount of the equity you have gained. 150k or so.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Just make sure if you go this route, you don't ever do anything to annoy your wife.
Seriously. Think it through.0 -
This is a non starter as the solicitor will knock it back..we bought for cash and put it through in my wifes name but the solicitor did say it was not possible if a joint mortgage was involved.It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
How much is the stamp duty? I'd rather have my name on the deeds than avoid a stamp duty cost to be honest. Sounds like false economy to me - and could end up being a very expensive mistake (I hope not, but you never know).DMP Mutual Support Thread member 244
Quit smoking 13/05/2013
Joined Slimming World 02/12/13. Loss so far = 60lb in 28 weeks :j 18lb to go
0 -
Indeed, don't do anything to annoy your wife if you go ahead on this basis.....
What price are you thinking of buying at / how much stamp are you expecting to pay?0 -
It was possible 15 years ago.
I did it.0 -
House price is £206K so ,I believe, stamp duty is £2060.0
-
HMRC may look at this very closely, they can take the view it is tax evasion.
Your solicitor should be making you aware of this and the potential consequences.0 -
House price is £206K so ,I believe, stamp duty is £2060.
I agree with Kingstreet. HSBC will consider the scenario mentioned. You would have to compare their interest rates with those of others and see whether you would make a saving. If HSBC's interest rates are better and you meet heir status criteria - it is win, win. If worse then you have to decide whether the £2,060 saving still makes it worth while.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.6K Work, Benefits & Business
- 599.9K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards