Implications of wife buying a property

I bought a house before I was married so my wife's name is on no documentation in regards to our house. We have seen a derelict cottage not far from her home place and her parents are giving us the money to put a bid on it. My question is what would be the best way to deal with the ownership if we were fortunate enough to get it? I have no idea of the implications of me owning a second property so any advice would be greatly appreciated.

Matt

Do you mean financial implications?

What do you intend to do with the property?

We would hope to leave it as it is for a few years and hopefully when things recover and we get out of negative equity on my house that we would build on the new site and sell where we are now.

So you are buying a site not a property. The reason her parents are giving the money is that presumably they want your wife to live near them. And nothing wrong with that. It might be better for the parents to buy it outright due to your negative equity. Might not be a good idea for anyone in your marriage to acquire assets in your circumstances. Your wife is not liable for your mortgage, but it complicates things - the negative equity.

The negative equity is really concerning me, nothing we can do about that. My concerns are more of any tax implications of both of us owning property seperately. Could there be any problems with her parents buying it as they also own their house?