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Gifted deposit to partner

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Comments

  • SDLT_Geek
    SDLT_Geek Posts: 3,043 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    40ish said:
    Thrugelmir said:
    Obvious question. Why are you unable to be party to the mortgage? 
    Just because it would mean additional stamp duty, as it would be my 2nd home (as I am going to rent out my current home when we move in).
    If you have an underlying share in the ownership of the property you count as a joint “purchaser” for SDLT.  Therefore the extra 3% SDLT would be due on the price.
    It has already been established that the money you are putting in is not a gift.  It is just possible that a lender might allow you to provide it as a loan.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    How much are you saving in 2nd home stamp duty by doing this and are you well versed in being a landlord? 
  • SDLT_Geek
    SDLT_Geek Posts: 3,043 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    40ish said:
    I am in the process of buying a house with my partner.
    As OP said at the start though, this looks like a joint purchase, so we would expect the extra 3% SDLT to apply.
  • Justonemorecupoftea
    Justonemorecupoftea Posts: 192 Forumite
    100 Posts Second Anniversary Name Dropper
    You will own part of the home. Therefore you will need to pay sdlt, unless you sell your house within a specific period of time.
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