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If i add GF to house deed now what will it mean?
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Throwaway1 wrote: »If you use your girlfriend's first time buyer status to buy a house more cheaply then add your name on later then yes, you would have to pay stamp duty on it (but not the 3% surcharge for owning 2 properties so long as you sold your first one within 36 months).
Ok let confirm something, if we did put her on the deed of this current house and we buy another house together without sale of 1st house made, do we have up to 36 months to sell first house to avoid 2nd property stamp duty?0 -
Even if you don't sell the current property at the time of purchase of the new one, you can claim back the extra SDLT if you sell the old property within 36m, so this is not a valid reason for buying solely in her name. Also she will have to be able to afford the mortgage on her own as almost all lenders won't give you joint mortgage with solo ownership on the deed.PokerPlayer111 wrote: »Well another advantage of doing it the current way is if we do buy another house we probably will buy chain free stamp duty free in her name. Giving us no deadline to sell current property but if her name is on this deed we will have 2nd property stamp duty if we buy another house before we sell this one wont we?
Current plan is we might buy a different house in 2-3 years btw. (we will know by then if we are staying put or not)
Even then you will presumably supply half of the funds for the new house, while it's solely in her name. Quite different to the current state, where you paid 100% and own 100%.PokerPlayer111 wrote: »We do trust eachother but random things can still happen. Either one of us can go crazy for example etc.
Precisely why it's bad idea to gift her 1/2 of your property. If she has the same level of trust as you have then she won't mind the property staying in your name only, since she hasn't paid for it, she doesn't even have a moral right over it. By all means put her in your will, if something happens to you and you want her to inherit it. But keep you options open in case of a break up (which is lets face it, statistically likely to happen).0 -
PokerPlayer111 wrote: »Ok let confirm something, if we did put her on the deed of this current house and we buy another house together without sale of 1st house made, do we have up to 36 months to sell first house to avoid 2nd property stamp duty?
You can get that information straight from the horse's mouth, or just about every other thread on the forum about the higher rate of SDLT.
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That would make you know different to most other home buyers who have to sell and buy simultaneously. Even if you did want to give yourself some breathing space between the two transactions you have 36 months from completing on the new home to sell the previous residence and reclaim the additional SDLT.
Other than being chain free and potential SDLT benefits why would you expect to become a joint owner of the property she buys when you're not keen for her to become a joint owner of the property you bought? If there's nothing wrong with the current situation in your eyes why would you want to be added to the deeds of her house?
Will a £300k budget buy you your dream home in the future or are you arbitrarily setting the budget to £300k because of the SDLT relief?
Just trying to avoid taxes best as possible, not sure on what future holds right now. Maybe we'd end up using her first time buyer status for a holiday property etc, who knows.
Also, its just the way we have jigged our finances, i cashed out more of my investments to pay for our house.
She would cash out more of her investments to pay for 2nd house etc. Over the years it would end up somewhere around equal. We also run a business together, sometimes shes buying large amount of stock, sometimes me etc etc.0 -
She can't use her FTB status to buy a holiday home. The relief has to be used to buy your first main residence. For someone keen to avoid taxes you don't appear to have done much research into the rules.0
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She can't use her FTB status to buy a holiday home. The relief has to be used to buy your first main residence. For someone keen to avoid taxes you don't appear to have done much research into the rules.
No what i mean is if we have 2 properties at either ends of the country we'd both just be 1st time buyers. We have family all over. Not talking about actual holiday homes.
But yeah i dont follow stuff very closely up to now, still learning.0 -
Yep those taxes... paying for schools, hospitals, roads, etc.....PokerPlayer111 wrote: »Just trying to avoid taxes best as possible, not sure on what future holds right now. Maybe we'd end up using her first time buyer status for a holiday property etc, who knows.
Also, its just the way we have jigged our finances, i cashed out more of my investments to pay for our house.
She would cash out more of her investments to pay for 2nd house etc. Over the years it would end up somewhere around equal. We also run a business together, sometimes shes buying large amount of stock, sometimes me etc etc.0 -
PokerPlayer111 wrote: »No what i mean is if we have 2 properties at either ends of the country we'd both just be 1st time buyers. We have family all over. Not talking about actual holiday homes.
But yeah i dont follow stuff very closely up to now, still learning.
Now you're slipping from the realm of tax avoidance to tax evasion. One is MSE the other sent Al Capone to Alcatraz.0 -
PokerPlayer111 wrote: »No what i mean is if we have 2 properties at either ends of the country we'd both just be 1st time buyers. We have family all over. Not talking about actual holiday homes.
But yeah i dont follow stuff very closely up to now, still learning.
It's either her main residence or it isn't, it makes no difference what name you put to it.MFW - OP 10% each year to clear mortgage in 10 years!
2019: £16,125/£16,125
2020: £14,172.64/£14,172.64
2021: £12,333.62/£12,333.62
2022: £10,626.55/£10,626.55
2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
2024: mortgage neutral!0 -
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