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Transfer of Equity & re mortgage question
ichayan
Posts: 3 Newbie
I have a property with my sole name on the title & mortgage free. I am planning to transfer 100% of the equity to the wife (low income tax payer) and she then plan to get a buy to let mortgage to release the equity.
Spoke to a mortgage advisor and he thinks the transfer of equity has to take place first before applying for mortgage otherwise there will be stamp duty. Problem is most vendors won't give a mortgage until after six months of title change.
I don't know what difference it makes if she applies for a mortgage and during the conveyancing transfer the equity. Anyone in the know how please advise.
Spoke to a mortgage advisor and he thinks the transfer of equity has to take place first before applying for mortgage otherwise there will be stamp duty. Problem is most vendors won't give a mortgage until after six months of title change.
I don't know what difference it makes if she applies for a mortgage and during the conveyancing transfer the equity. Anyone in the know how please advise.
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BTL applicants are normally required to have a minimum level of income. In the event of a void rental period. There are costs that need to be covered.0
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