Buying into partners/Mother in law's house

andykala

Hi, 
I am hoping for some guidance. 
My girlfriend and her mom bought a flat multiple years ago. He mom bought half of it outright, and my girlfriend took out a mortgage on the rest. They have shared ownership of this. We are now considering if I should buy the 50% from her mother and therefore share ownership of the flat for the future. To give some example figures: 
They bought the flat for about 200K, and at a valuation recently this was valued at about 400K. With that in mind, I would technically pay her mom 200K for the 50% of the flat, at latest valuation (approximately), then we own it 50/50.  A few questions:
- Since I do not have 200K laying around to buy this 50% share for, would it be possible to get a mortgage for this, although my girlfriend still has her own mortgage? 
- Or, as I have read somewhere else, we would need to re-mortgage together and then have a Deed of Rights? 
- I would be a first-time buyer and noted that if under 300K, i would not pay stamp-duty, but I wonder if that changes given that the flat is still valued above said value (although my half would be less)?
- we might be moving out of city in a few years, so considering if this causes more troubles than upside, if we decide to sell it in a few years. (but might decide to keep it as an investment).
Grateful for any insights into these situations. 
Thanks!

foxy-stoat

Assuming the Mother will no longer be living there, you need a joint mortgage with your girlfriend, tenants in common with equal shares.  

You will need to take some advice if you will be exempt for the FTBer SDLT as the first mortgage will have to be paid when your added to the Deeds and new mortgage taken out.

If your already thinking about moving out before buying then consider a short term rate fix, so you dont have to pay Early Repayment Charges if you do a long fix.

andykala

Thank you for the answer. 
So up until now, it is has only been me and my girlfriend living there, but I have been paying rent (her mom living elsewhere). But as we are getting married, we were planning for me to becoming an equal owners, by me "buying her mom out" so to speak. But doesn't seem to be that easy?


"You will need to take some advice if you will be exempt for the FTBer SDLT as the first mortgage will have to be paid when your added to the Deeds and new mortgage taken out."
- not sure i get it? Her mom, as i am buying out, does not have a mortgage, only my girlfriend. But you are saying that we would need to pay off my girlfriends one, then get a joint one? And I might not get exempt as she is already an owner?

Thanks for the advice!

foxy-stoat

You and your girlfriend need a joint mortgage, doubt you will be able to be added to the girlfriends current mortgage although the existing lender may well be able to help.  I do not know how your girlfriend managed to get a mortgage in just her name without the Mother being on the deeds though.