Spouse using proceeds from my sale as first-time buyer?

mattcd216

Thought this would be interesting!

I would indeed be selling my property and would no longer own any property. This is simply the first property she would be buying.

Where I'm not clear is that this would all happen on the one moving day so there would be a transfer of proceeds from my sale to her for the purchase and I would clearly benefit from living in the family home even if it's in her name.

But to quote an earlier post, she is simply a first-time buyer. Does it matter that I, as a previous property owner, gift her the money?

Thanks for the discussion!

Herzlos

I think it'll be completely transparent to anyone looking that you're only not getting your name on the paperwork to dodge the tax. Whether that'll bite you later I don't know, since presumably you're planning to add your name eventually?

You're still going to need to explain the gifted deposit and that you don't expect any of it back, but it'll almost certainly get linked back to said tax dodging. Especially as it's going to come immediately from a house sale.

Also, can you afford the mortgage on the new property just using your wifes income?

user1977

mattcd216 said:

But to quote an earlier post, she is simply a first-time buyer. Does it matter that I, as a previous property owner, gift her the money?

Like I said above, if it's the matrimonial home then it's hardly a no-strings-attached "gift", is it? I don't think it's competent to even try to make it that (as otherwise nefarious spouses might try that to avoid any liability on divorce). So you'd still have a beneficial interest even if you're not on paper as an owner.