We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Trapped because of first home
Comments
-
Then the one third share was a gift ( and from parents who may well be approaching retirement now) - on that basis, proceeding down the forcing a sale route might well be a non starter. The court could well take the view that their need was greater than their son's.
I still don't understand why the OP and spouse don't just save up the extra cash required (on nearly £70,000 a year between them they are hardly paupers) and move out?
Or is the case that the spouse still wants to live in the property despite
Perhaps some cultures they give money to their parents and support their lifestyles"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Also wondering what the house is physically laid out like?
On a worst case analysis - ie your husband is too weak to stand up to them - then could a section of this joint house (as near as possible corresponding to the percentage of it you own) be divided off from the rest? So - you would have your own bedroom, sitting room, bathroom, kitchen and hopefully not have to even walk through any communal areas to get to "your bit"?0 -
If you can buy a house in your name only you won't have to pay the extra stamp duty.
I'm dubious as to whether your husband really owns a third of his parents house or if they have just said that to exert control. Have you actually checked with the land registry? It only costs a few pounds to check.0 -
MoneyGeoff wrote: »If you can buy a house in your name only you won't have to pay the extra stamp duty.
This is not correct, they are married and living together.0 -
This is not correct, they are married and living together.
Well if the part-share OP/hubbie own was a gift - then maybe there is proof available that the gift was specifically to hubbie (ie not hubbie and OP)?
Would that make a difference?
But certainly in OP's position I'd be reckoning on the two of us buying a place of our own (with or without the stamp duty position being as I wanted) and try to get our share out of that joint house after we'd safely moved out.0 -
moneyistooshorttomention wrote: »Well if the part-share OP/hubbie own was a gift - then maybe there is proof available that the gift was specifically to hubbie (ie not hubbie and OP)?
Would that make a difference?
But certainly in OP's position I'd be reckoning on the two of us buying a place of our own (with or without the stamp duty position being as I wanted) and try to get our share out of that joint house after we'd safely moved out.
No it would not make a difference. The higher rate would still apply.0 -
No. He owns part of a house and it matters not how he owns it.moneyistooshorttomention wrote: »Well if the part-share OP/hubbie own was a gift - then maybe there is proof available that the gift was specifically to hubbie (ie not hubbie and OP)?
Would that make a difference?.0 -
MoneyGeoff wrote: »If you can buy a house in your name only you won't have to pay the extra stamp duty.
I'm dubious as to whether your husband really owns a third of his parents house or if they have just said that to exert control. Have you actually checked with the land registry? It only costs a few pounds to check.
You need to delete that statement above in red as its completely wrong.
It's as wrong as OPs initial statement that they will have to pay 12% SDLT or that the problem is the SDLT when clearly it's the husband.
Good point about checking LR record.0 -
moneyistooshorttomention wrote: »Also wondering what the house is physically laid out like?
On a worst case analysis - ie your husband is too weak to stand up to them - then could a section of this joint house (as near as possible corresponding to the percentage of it you own) be divided off from the rest? So - you would have your own bedroom, sitting room, bathroom, kitchen and hopefully not have to even walk through any communal areas to get to "your bit"?
On a worst case analysis then obviously the parents wouldn't agree to this and the son couldn't enforce it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards