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nig3d
Posts: 198 Forumite
Hi,
I am in the process to buy my first investment property and I need some advice. What I am asking is not new, I heard many persons do it legally, but I am not still sure about what to do. I need to contribute financially to the purchase of the property, but I want then donate my shares to my wife without incurring in any extra taxes. It seems that the best way to do so is to open a joint mortgage and then donate the rest of the shares to my wife, but I am not sure it's as easy at it sounds.
Do you have any advice?
P.S.: I am in touch with a mortgage advisor, solicitor and accountant, but they all give me options, without a clear strategy about what to do.
I am in the process to buy my first investment property and I need some advice. What I am asking is not new, I heard many persons do it legally, but I am not still sure about what to do. I need to contribute financially to the purchase of the property, but I want then donate my shares to my wife without incurring in any extra taxes. It seems that the best way to do so is to open a joint mortgage and then donate the rest of the shares to my wife, but I am not sure it's as easy at it sounds.
Do you have any advice?
P.S.: I am in touch with a mortgage advisor, solicitor and accountant, but they all give me options, without a clear strategy about what to do.
0
Comments
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You can, you have to fill out a "transfer of equity" form, the lender will need to accept that your wife can afford the mortgage on her own.
If you have heard of many persons who have done this, then speak to them directly how they did it.0 -
If you buy jointly, and have a joint mortgage, then any change of ownership will require the agreement of the mortgage lender.
Why not gift your money to your wife and have her buy it in her sole name from the start?0 -
Can't you just give the money for the deposit to your wife, she buys the property in her sole name and either she takes the mortgage in her sole name or you take the mortgage on a "sole proprietor/joint mortgagor basis?
https://www.financialadvice.net/joint_borrower_sole_proprietor_buy_to_let_mortgage_/zone/9000
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