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Joint ownership, partner moving in, advice needed
moike
Posts: 104 Forumite
My partner has been living with me now for a couple of years and we're selling her house and considering paying the mortgage off on mine.
The outstanding mortgage is approximately 50% of the current value of the house and the equity from her sale can cover this.
We are curious about the costs of changing the deeds and implications of not paying off the mortgage as we will be moving some time next year into a larger house. However we are concerned there may be some tax implications if we leave her equity in a bank account.
Can anyone shed some light / experiences of either approach?
What is the process / cost of adding her to my deeds?
Thanks in advance
Regards
The outstanding mortgage is approximately 50% of the current value of the house and the equity from her sale can cover this.
We are curious about the costs of changing the deeds and implications of not paying off the mortgage as we will be moving some time next year into a larger house. However we are concerned there may be some tax implications if we leave her equity in a bank account.
Can anyone shed some light / experiences of either approach?
What is the process / cost of adding her to my deeds?
Thanks in advance
Regards
0
Comments
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My partner has been living with me now for a couple of years and we're selling her house and considering paying the mortgage off on mine.
The outstanding mortgage is approximately 50% of the current value of the house and the equity from her sale can cover this.
We are curious about the costs of changing the deeds and implications of not paying off the mortgage as we will be moving some time next year into a larger house. However we are concerned there may be some tax implications if we leave her equity in a bank account.
Can anyone shed some light / experiences of either approach?
What is the process / cost of adding her to my deeds?
Thanks in advance
Regards
what sort of tax implications with money in a savings account other than any interest (outside an ISA) will be taxed in the normal way?0
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