Shared Ownership/Second Home

stirfry848

I have a 25% share of a flat on my own, but my partner has recently inherited some money and we're looking into whether or not it will be possible to buy a house together. It is currently impossible to sell my flat even if I wanted to due to the new legislation re cladding, but it would obviously be great if we could keep it as an investment for as long as possible. It looks like the housing association may actually allow me to rent it out temporarily due to the current circumstances with cladding, and we just need to get permission from the bank which may or may not be difficult. But the next hurdle is the additional stamp duty we would have to pay as it would be my second home which would price us out of most houses. Our mortgage advisor has suggested a joint borrower sole proprietor mortgage so that the new house would be in his name. Is this a good idea? Does anyone know of any other options that might help? Or should we just give up! Any ideas would be much appreciated!

DCFC79

Where is the mortgage advisor from ?
Is he from the bank/lender or an independent mortgage broker ?

[Deleted User]

stirfry848 said:

I have a 25% share of a flat on my own, but my partner has recently inherited some money and we're looking into whether or not it will be possible to buy a house together. It is currently impossible to sell my flat even if I wanted to due to the new legislation re cladding, but it would obviously be great if we could keep it as an investment for as long as possible. It looks like the housing association may actually allow me to rent it out temporarily due to the current circumstances with cladding, and we just need to get permission from the bank which may or may not be difficult. But the next hurdle is the additional stamp duty we would have to pay as it would be my second home which would price us out of most houses. Our mortgage advisor has suggested a joint borrower sole proprietor mortgage so that the new house would be in his name. Is this a good idea? Does anyone know of any other options that might help? Or should we just give up! Any ideas would be much appreciated!

The mortgage broker is giving bad tax advice and should stick to mortgages.  SDLT is based on beneficial ownership not legal ownership and a JBSP mortgage wouldn't get round this as you would quite clearly have a beneficial interest in the property you are living in whilst also being liable for the mortgage on said property.