Can I sell flat to my partner

db.69

I have 2 flats which I let out whilst my girlfriend and I rent another property.

However I now find myself in the position of needing to release some equity, and have decided to sell both properties.

My question is, can I sell oe of the properties to my girlfriend with the intention of us both moving into it once she buys it.

This would give us the required equity release but still leave us with a homeowner status, as well as taking advantage of first time buyer status on her behalf.

Also, would the deposit (10%) of purchase price be able to be given as a gift or removed from purchase price so we do not need to dip into any other long term savings.

Thanks in advance

Davy

HappyMJ

Yes you can.

BitterAndTwisted

How much equity is in the property you are not planning to sell to your g/f?

As to the deposit: her mortgage-lender will ask that you sign documentation to confirm that the money was a gift and not a loan.

If she buys it from you with your free deposit-money, then the relationship ends and she decides to kick you out, what then?

jamie11

Yes you can.

Providing she can afford the mortgage in her own right of course.

db.69

Thanks, a simple yes makes a nice change, just thought there might be some sort of conflict or something or fraud. just wanted to make sure.

I have £35k equity in the property not selling to her and about £36k equity in the one we plan to live in.

No problems in saying it was a gift etc. We have agreed I dont contribute to the new mortgage until half the "gift" is matched. (her choice, not mine)

And if i get kicked out then I will deal with that if it ever happens. However we would be looking to have my name put on the deeds once everything is sorted out...

Thanks everyone!

kingstreet

As you are not related, the deposit cannot come from a gift via reduction in the price of the property and if it did, you would not be able to live in the property after completion.

kingstreet

A different, although nonetheless relevant thread to the "gift" issue;-

https://forums.moneysavingexpert.com/discussion/3866027

db.69

thanks for that Kingstreet.

I have read the link you posted and it looks like a minefield, thankfully nothing like my situation. It also looks like a case of trying to write of someones debt very dishonestly.

However, the part of not being able to reside is interesting.

Would anyone really know if I was residing at the address after selling it?

The main question has been answered however, that of being able to sell to my girlfriend and thus giving me my equity release. I also think the best way forward is simply to provide the required deposit for her to be able to purchase at full market value. Am I right in thinking that there is no problem of me residing at the address if this is the route which is taken?

Thanks again to all that have posted..

Davy

jamie11

kingstreet wrote: »

you would not be able to live in the property after completion.

Why not? What the OP and his girlfriend do after completion is nobody's business but their own.