Buy part of my partner's house

jcrr

Hello

I want to buy half of my partner's property,what would be the best way to do this? Could I buy half of the property to her? I'm sure I can get a mortgage because I have some savings. Or would we have to get a joint mortgage? If so, how would this work for her and for me?

Thanks
JC

ognum

Firstly I am sorry if I am not answering your question but I find it a bit confusing.

Is your partners house mortgaged, if it is she will need to consult with her lender any changed to the property ownership.

if you need to get a mortgage to pay you share why not just help your partner with her current mortgage?

hazyjo

What percentage of equity does she have in the property? Is she tied into a fixed rate/deal of some sort, and for how much longer?

Why would you want to, or do you not want to get into that?

Jx

kingstreet

Lenders don't lend on bits of a property, they lend on the whole of one, so no, you can't buy half the house with a mortgage all your own.

You will be considering a transfer of equity which will see you added to the deeds and ownership of the property. In return, you will take a joint mortgage with your partner and you will both be jointly and severally liable for the mortgage payments. That means you might own half, but you'll be responsible for all, if the lender can't get the money from the other borrower.

A TofE takes two or three months normally and costs between £400 and £600. You either ask to be added to a current mortgage, or remortgage jointly to a new lender. Once the mortgage work is finalised, the paperwork is passed to a solicitor to complete the transfer.

There are potential stamp duty implications if the property is more than the threshold;-

http://www.hmrc.gov.uk/sdlt/calculate/transfer-ownership.htm

Getting married, entering a civil partnership or setting up home together
SDLT may be payable when a share in a property is transferred to a husband, wife or partner when they either:
get married or enter into a civil partnership or
move in together
SDLT is payable if the consideration given in exchange for the transfer of the share is more than the current SDLT threshold for the property type.
The consideration can include:
cash payments
the value of any outstanding mortgage that the partner acquiring part of the property takes over

jcrr

Thanks for your answers
She is the owner of the property and she has a mortgage in a bit more than the 50%, the rest is deposit and capital that she has already paid. She needs some money for a few things, and we thought it would be a good opportunity for me to get in as an owner since I have been living with her now for a couple of years instead of remortgage by herself.
I want to make sure that whatever we do it's fair for her, since as I mentioned before she has already a big amount of capital.