Transferring a Mortgage between Properties

gw1

Thrugelmir wrote: »

Can you afford both mortgages? That's the question the lender will ask.

Division of a property into shares is easily dealt with using a Declaration of Trust that your solicitor can draw up.

Why not wait until you sell your own property before acquiring a share in your g/f's? Would be far simpler.

I could probably afford to pay half GF's mortgage amount and my own if I didn't put in any deposit. Preferably less than half though, which I guess might be possible by tweaking the proportion owned by each of us?

Problem is there is a property available now and it's unlikely something of this nature will be available in near future. We would like to buy it together but at present I have to stay in current property so can't sell it yet.
GF could possibly afford to buy on own (which is looking to be easiest) but it would be difficult to I'm considering part purchase with her

Thrugelmir

gw1 wrote: »

Problem is there is a property available now and it's unlikely something of this nature will be available in near future.

That's the nature of the property market. Is it worth the expense of owning 2 houses though? As you'll presumably living in one or the other the majority of the time together. Why not pool your resources and wait until such time as you sell yours? (Not prying as to why, just taking a financial view).

gw1

Thrugelmir wrote: »

That's the nature of the property market. Is it worth the expense of owning 2 houses though? As you'll presumably living in one or the other the majority of the time together. Why not pool your resources and wait until such time as you sell yours? (Not prying as to why, just taking a financial view).

She'd live there and I'd live here for the time being. There's quite a distance between the 2 properties and I'm tied to this area for a while and she's tied to the area where the new property is.
We have to have 2 properties at present anyway - she currently rents

It's a property with quite a bit of land and it looks unlikely anything similar would be available at similar price

holly_hobby

I get the impression that you are prevented from selling your property for a time to come (and I presuming its a RTB ?) - if so, I understand you saying that you "have to stay where you are for the time being".

You being party to your GFs mortgage is not necessarily an issue in itself, apart from the lender assessing your income and commitments, to ensure you are able to service both.

SDLT - only 1 amount to pay.

Ownerhship is effected under a TIC arrangement, & split however you want it ... this may also be revised in the future (albeit there will be legal fees incurred).

No future TOE necessary

I get the feeling that your primary residence will remain your current home, is that correct ? If so .... there won't be any CGT liability on disposal of your home, if it remains so at the point of sale, or if you sell it within 3 yrs of vacating it (ie if you decide to let it).

If you do elect to let it, you would seek a consent to let with Nationwide, and you will need to effect landlords buildings insurance (inc a whole host of other considerations, which can be expanded on if reqd).

If you want to pursue the avenue of a joint mge with your GF, you need to both spend an hour or so with a whole of market mortgage broker, whom will be able to advise on the figs you present, if this is permissible with his known lenders, or not ...

Hope this helps

Holly

gw1

holly_hobby wrote: »

I get the impression that you are prevented from selling your property for a time to come (and I presuming its a RTB ?) - if so, I understand you saying that you "have to stay where you are for the time being".

No nothing like that. I need to be here because of need to be near children's school!

holly_hobby wrote: »

I get the feeling that your primary residence will remain your current home, is that correct ? If so .... there won't be any CGT liability on disposal of your home, if it remains so at the point of sale, or if you sell it within 3 yrs of vacating it (ie if you decide to let it).

You're right and that was my assumption too - no CGT

holly_hobby wrote: »

Hope this helps

Holly

It does indeed. You and everyone else have been incredibly helpful