Buying with a partner - need help!

[HouseHunter]

Hi guys,

Before I start I have read through the existing section and what is there doesnt answer my question and the links are no longer available.

I want to purchase a property with my partner. However, she is italian who has lived and worked continuously in Ireland for the last 7yrs, and has been with the same company for almost 4 and half yrs now. Together we can get the home we are after.

The problem is she was married before I met her and it will be 12 months before she can apply for a divorce although she has been seperated for 2 years. Does anyone know if this can affect a joint application?

We want to get a FTB 100% mortgage but intend to put my name on the deeds only - will it be affected???

We also want to find out if there are any implications if one partner wants out in say a few months after getting the property. We dont envisage this happening of course but want to cover all our bases before making such a big decision. Everything is possible in life and I know from my line of work that murphys law (although negative) is very true!!!

Any assistance would be a great and much appreciated!!!!

Cheers Guys

 

[Brendan Burgess]

Why do you want to put the house in your sole name? This does not make financial sense, unless it is to do with the divorce proceedings.

It will be expensive to transfer her share of the house over to her later, unless she is your wife by then. There would be stamp duty and gift tax implications if you are not married.

I am assuming you are a first time buyer. If she has owned a house before, you will probably not be regarded as first-time buyers for stamp duty purposes. However, if the only house she owned was with her ex-husband, she will be regarded as a first-time buyer.

If the divorce is causing the problems, then you should wait until that is resolved until you buy your house. I would say that the risk of a rise in prices is balanced by the risk of a fall in prices.

Brendan