2 people - 2 mortgages - house in 1 name?

G

grahamc

Guest
Hi there, I am buying a house with a member of my family. I am a first time buyer, they are not. Buying on my own I would be eligible for 3% stamp (it's costing 350k). If they were buying on their own it would be 6% for them.

What we are thinking of is getting the house in my name, so we pay the lower rate, then aside from that we can tie up some legals to give the other person a share in the house.

How does this work from the mortgage point of view, like will the bank want to see the deeds in both names? The 2 mortgages will more than likely be coming thru the same bank.
 
You can only have one mortgage - in joint names - on the house and the title can just be in your name however the other party is effectively signing up to the entire debt (they are jointly responsible with you for the full amount) on a property they do not own. Good legal advice is required for both parties.....

Sarah

www.rea.ie
 
What we are thinking of is getting the house in my name, so we pay the lower rate, then aside from that we can tie up some legals to give the other person a share in the house.


I've posted on this a few weeks ago - Revenue take the view that anyone who provides any element of funding or is borrowing some element of the purchase price and takes a beneficial share of a property has to be accounted for when calculating stamp duty.

Its not a question of tying up some legals - there is a genuine problem in doing this which will potentially cause real difficulty.

mf
 
Ok so - am meeting a solicitor to talk about it, just looking to find out a bit more about where I stand in the meantime, cheers
 
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