Joint Ownership of house

Hi,

I have changed the title of this thread to be more "meaningful". Hopefully some of you can advise further on my situation. (Thank you PC7 for your help). BF bought house 12 months ago for us both to live in. The plan was that if we lasted the 12 months I would then make arrangements to go on deeds/mortgage. Now is the time! The mortgage is currently tied up with 2 other properties he has so he thinks it might be difficult to arrange but he has another property that is stand alone so is suggesting that i go on that with him rather than the one we live in. This property is ready to be rented out and the plan is to hold onto it for 12-24 months. My 1st prefernce is the house we live in. I'm more interested in the security factor rather than being a "homeowner" or having an investment.

Here are my questions!

Can i apply for a mortgage for half the value of the house, which i would then give to him and we would have both names on deeds? If not what way would i look at finance, eg, joint application, then pay off his old mortgage and start out together with the new one?

What are the stamp duty implications? I am a 1st time buyer. Our home is worth 215k and the other house is circa 220k.

What would the average solicitors fees be for this type of thing? (I would be paying all these myself as he paid them all 1st time around)

Any other pointers, I'm up to ninety with the whole thing and really want to get the ball rolling.

Yes I know it would be cheaper and easier to get married!!! Don't go there....


Thanks all in advance..

There is a mortgage on your current home and the lenders also required the additional security of two other properties in order to obtain the mortgage. Not impossible to go on the title of this house but subject to the lender agreeing.

The 'stand alone' property is an investment property and the property your partner would prefer to be joint title?

You can't apply as a sole borrower for 'half' the value of the house. You couldn't 'give' him the funds anyway - the house belongs to the lender. The mortgage (debt) belongs to you. The easiest and cleanest way to do it is clear the existing mortgage and have it transferred into your joint names ie joint mortgage joint title.

Have a read through the (many) existing threads on solicitors fee/FTB implications.

indebtedgal said:

Hi,

I have changed the title of this thread to be more "meaningful".

Click to expand...

And duplicated the thread in the process.

Advice needed asap

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