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1 name on the deeds, 2 names on the mortgage
IT_chris
Posts: 1 Newbie
Hi all. My wife and I are potentially looking to purchase a house in the near future. I already own a property and would like to retain ownership of this property. Is it possible to buy a new house so that although we will both be on the mortgage of the new property, she is the only one on the deeds? I am obviously looking to avoid the additional stamp duty payment for a second property. At some point in the future i will probably sell the other property so will then look to add myself to the deeds with my wife.
Another question. Can you be on the deeds of a property without being on the mortgage?
Thanks
Another question. Can you be on the deeds of a property without being on the mortgage?
Thanks
0
Comments
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Married couples are viewed as one entity for SDLT.
Very few lenders will look at a difference between owners (on LR) and borrowers, for obvious reasons in the event of repossession.0 -
You can get joint borrower sole proprietor mortgages but having one won't help you to avoid the higher rate of SDLT.IT_chris said:Hi all. My wife and I are potentially looking to purchase a house in the near future. I already own a property and would like to retain ownership of this property. Is it possible to buy a new house so that although we will both be on the mortgage of the new property, she is the only one on the deeds? I am obviously looking to avoid the additional stamp duty payment for a second property. At some point in the future i will probably sell the other property so will then look to add myself to the deeds with my wife.
Another question. Can you be on the deeds of a property without being on the mortgage?
Thanks
1) SDLT is based on beneficial ownership not legal ownership and it would be difficult to argue that you're not a beneficial owner.2). You're married and as a married couple you already own one property so would be deemed as owning two properties at the end of the transaction even if your wife bought solely in her name and you weren't on the mortgage or the deeds.1
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