Almost immediate full mortgage redemption

BigChungus

Hello everybody looking for some advice,

My situation!

over the last several monthes my partner(we are not married) has been in the process of buying/selling a property and at the last minute her buyers pulled out leaving us devasted and having to put her property back on the market.We had to relocate to get our boy into school for the new term and are currently living at my parents.

We do not want to lose the property she was buying so I am arranging a mortgage funded soley on my own,with no early redemption charge. I already own a property so understand that I have to pay the higher stamp duty charge.

My question is that when she sells here property can we use the funds to immediately pay off the mortgage,and are there any tax implications.As I said we are not married and have no financal connections,if we married would it be more straight forward(we plan to in the near future anyway).

Really i am looking for any advice on who to talk to about the legal and tax implications,should I see an acountant/financal advisor or solicitor?

Thanks for reading

dimbo61

So your not married !
Your partner is going to sell her home and use the money to pay off Your mortgage on Your ! house 
Unless you sign a legal document with her taking a charge on the property ( drawn up by a solicitor or you get married 👰💍) I would be advising her to say NO.
Yes you will have 3% extra stamp duty to pay as you already own a property.
Once your married Everything is treated as 50/50 so you will both own 2 properties.
You may want to get a Legal document drawn up before you marry in case things don't work out 
Hope the move goes well and your son enjoys his new school.
You want a flexable mortgage with No ERC,s but most have a mortgage fee and set up charges but you could also consider an Offset mortgage 🤔

getmore4less

Were you planning to buy joint before this came about?

if you were the additional SDLT situation has not changed. 

You need to think about her donation will it be gift or loan

You also need to consider what happens when she buys in if you go joint owners later that could trigger another SDLT charge

If a gift there is potential for a gift with reservation if she lives in the house which I don't think goes away if you marry

Where have you been living 
Are you planning to sell your other place.

needs some careful though and planning

Are you sure you can't get a joint mortgage even with her commitments to the property for sale.

BigChungus

Thanks for the reply,we would make legal arrangements,however we are getting married soon.

ACG

There are a lot of potential implications:
You would be liable for stamp duty,
Your partner would be when she buys it off you,
If there is a mortgage involved, will the lend on a property which has previously been bought in the last 6 months?

Thats off the top of my head.