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FTB who should we put on the house deed?
Comments
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PokerPlayer111 wrote: »Thanks very much for your help and other help from all, that clears it up really well much appreciated.
The only other thing we are now wondering is if we both go on the deed but 1 of us dies, does the other automatically inherit the whole house (reminder we are long term BF,GF not married)
Only if you have wills stating that's what will happen.0 -
No. That's a feature of joint tenancy.PokerPlayer111 wrote: »The only other thing we are now wondering is if we both go on the deed but 1 of us dies, does the other automatically inherit the whole house (reminder we are long term BF,GF not married)
You would need to make wills.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 -
No. You can provide a relative with accommodation and not be a landlord.PokerPlayer111 wrote: »Putting my sister in house number 2 - not charging her a penny rent. She pays the bills, I own the house she lives in. I don't reside there. Am I still classed as a landlord?
There are a few similar issues, such as insurance for a non-resident owner, but these aren't insurmountable.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 -
Only if you have wills stating that's what will happen.kingstreet wrote: »No. That's a feature of joint tenancy.
You would need to make wills.
Can a post office will cover this ? of need a socilitor? would purely be for the house asset. Really want to avoid high cost.0 -
PokerPlayer111 wrote: »Can a post office will cover this ? of need a socilitor? would purely be for the house asset. Really want to avoid high cost.
Wills are about £250 each from a solicitor (you know a qualified person who knows what they are doing) is that too much when you are about to spend £200K on a house??0 -
A will determines the distribution of all your assets, not just one.PokerPlayer111 wrote: »Can a post office will cover this ? of need a socilitor? would purely be for the house asset. Really want to avoid high cost.
I wouldn't cut corners with costs personally. A couple of hundred quid is money well spent when you are talking here about several hundred thousand in cash.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 -
Wills are about £250 each from a solicitor (you know a qualified person who knows what they are doing) is that too much when you are about to spend £200K on a house??
£250 each = £500? and we only want it to say if 1 of us dies the other gets the house, no need for full will. I dont know if that is hugely cheap, very easy pay day for solicitor.0 -
There is no Capital Gains Tax on a gift, so no, you won't have to pay CGT.PokerPlayer111 wrote: »This part here though, lets assume the long term GF just pays for 50% of property with me on the deed and not her and we dont have a loan agreement draw up. - does that not mean i am liable for capital gains since she just basically "gave" me 100k? (even though she has paid captial gains on her money already)
She may or may not have to pay Capital Gains Tax when she gives you the gift. That would depend on whether she has made a capital gain. If she had invested, say, £80,000 (which she perhaps inherited) and then sells it for £100,000 (in order to give it to you), then she'll have made a capital gain of £20,000. As she has a CGT allowance each year of £11,000, that means £9,000 would be taxable (at 28% for a lower rate tax payer).
But if she inherited £100,000 and then gave it to you, there would be no capital gain.0 -
See my earlier reply.PokerPlayer111 wrote: »Hi. It's the OP's GF now
Is it always a case that you are either a resident at a 2nd property or a landlord?
I'm thinking of the BF going on the deed to house number 1 with us both putting 50% cash to it.
Me going on deed for house number 2 and both of us putting 50% to it.
All cash buys, no mortgage.
Putting my sister in house number 2 - not charging her a penny rent. She pays the bills, I own the house she lives in. I don't reside there. Am I still classed as a landlord?0 -
There are 2 different ways to own a joint property. The decision you make affects the inheritance if one of you dies. Read:PokerPlayer111 wrote: »The only other thing we are now wondering is if we both go on the deed but 1 of us dies, does the other automatically inherit the whole house (reminder we are long term BF,GF not married)
https://www.gov.uk/joint-property-ownership0
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