Stamp Duty

Poppers1888

I own an apartment which I am going to sell to buy a house with my boyfriend. He will be a 1st time buyer. Can we put the house in his name to avoid stamp duty then get some solicitors undetaking drawn up to say that the house is actually a 50/50 split?

Any help would be appreciated.

Thanks

Tom Young

Charter + Solicitor = Answer.

ladylorenzo

A Solicitor can draw up a co-ownership agreement for you but it's not the most legally binding document in the world! Air on the side of caution and along with this agreement, set up a joint account out of which all household expenses are paid i.i Mortgage, bills etc and make sure your lodgements are evidenced on the statements of this bank account ie transfer money directly from your personal account into that account.

You can get your name on the House insurance and the Mortgage Protection Policy (though you will have to assign your interest) and this will act as further evidence of your 50:50 arrangement should you guys split up and litigation ensues(You always have to plan for the worst!)
Good luck!
LL

sparkyjo

if you buy a new house or apartment this will only be a problem if you go over a certain size or price

good luck with it hope it goes well

Victor

May I recommend independent legal advise, separate from your boyfriend.

ladylorenzo wrote: »

Air on the side of caution

Err on the side of caution.

ladylorenzo

Victor wrote: »

..... Err on the side of caution.

Spelling never was my strong point..Thanks Vic!