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Legal matters

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Original poster

Split, house buy out, daughter on mortgage

22 replies

Greenkit · 08/03/2019 10:53

So dh and i have split, i moved out husband stayed in house.

He wants to keep house, im not bothered, happy for him to buy me out.

House has been valued 3 agents, and worth 330,000/350,000, i want 130,000 from this

Mortgage currently stands at 84,0000

He is happy to do this but must put daughter on the mortgage temp (2yrs) to get that tiny bit extra

For clarity, i will not take anything out the house, bar my personal things and wont touch his pension.

So my question, do we have to pay stamp duty?

Ex remortgages, daughter goes on mortgage, i get paid

OP posts:

Collaborate · 08/03/2019 11:21

I'm not going to comment on whether that's a good deal or not, as there's too little information to work with. To answer your question about stamp duty, any transfer made pursuant to an order made within divorce is exempt.

Original poster

Greenkit · 08/03/2019 12:31

Thank you Collaborate, what I thought

OP posts:

Original poster

Greenkit · 08/03/2019 12:41

Message passed on to ex, but he is saying no because daughter is going on the mortgage?

OP posts:

BWcastle2000 · 08/03/2019 12:46

Why is daughter going on the mortgage?

Original poster

Greenkit · 08/03/2019 12:51

Because he needs to raise a bit extra and can only do that with her on the mortgage.

He is 10,000 short I think

OP posts:

BWcastle2000 · 08/03/2019 12:57

Because be doesn’t earn enough on his own or because of the deposit they are requesting?

Original poster

Greenkit · 08/03/2019 13:26

I dont think he earns quite enough on his own, but he does if you get what i mean..

If he has to pay stamp duty to have owr daughter on the mortgage for the sake of 10,000, then it might be worth me retaining a % of the house, not having her on there, notbpaying stamp duty and he can pay me monthly till he has paid me 10,000 then i can hand over the % back to him?

OP posts:

Collaborate · 08/03/2019 13:28

The court can't make an order in divorce for a property to be transferred to a non-party. Check the stamp duty limits. There may be none to pay anyway.

Original poster

Greenkit · 08/03/2019 13:41

Divorce not started yet, have to wait 2yrs
But i need money to buy somewhere else

OP posts:

MidniteScribbler · 10/03/2019 01:00

You're willing to put your daughter into debt to fund your new house?

Original poster

Greenkit · 10/03/2019 08:27

Believe me she wouldn't be doing it if she didn't benefit in some way....that is another thread.

OP posts:

slipperywhensparticus · 10/03/2019 08:31

You don't need to wait two years just have three good reasons

Original poster

Greenkit · 10/03/2019 08:46

MidniteScribbler Sun 10-Mar-19 01:00:36

You're willing to put your daughter into debt to fund your new house?

Not sure how she will get into debt, she doesn't need to do anything, just sit on the mortgage for 2 yrs, she doesn't need to pay anything.

OP posts:

Original poster

Greenkit · 10/03/2019 08:48

slipperywhensparticus Sun 10-Mar-19 08:31:42

You don't need to wait two years just have three good reasons

I don't know if I do, falling out of love isn't a reason.

OP posts:

PotteringAlong · 10/03/2019 08:54

How old is your daughter? It’s basically stopping her from getting a mortgage for the next 2 years.

Everytimeref · 10/03/2019 08:59

Also if your daughter goes on mortgage she will have to pay stamp duty on her next property as she won't be classed as first time buyer. She may lose out on a lot more than the 10k you need.

Original poster

Greenkit · 10/03/2019 09:10

She is 30

She bought a house with her husband, they divorced and sold the house.

She lives with husband for £300 per month, all in except food

She isn't planning on buying for 2 yrs anyway

She is earning £34,000 and is saving

OP posts:

MidniteScribbler · 12/03/2019 02:23

Not sure how she will get into debt, she doesn't need to do anything, just sit on the mortgage for 2 yrs, she doesn't need to pay anything.

But if your ex defaults on the mortgage, they will come after her for the money. And please don't say 'he would never do that'. Many people change after divorce, and you have no idea what may happen in his life in the next two years. You are risking your daughter's financial future to prop up your own.

Widowodiw · 12/03/2019 02:43

I can’t quite believe you are going to let your daughter on the mortgage for £10 differeance?! Can’t you afford to take £10k less for now and he pays it you monthly?

negomi90 · 12/03/2019 03:09

If your daughter goes on this mortgage and your ex dies then she is liable. If he looses his job and can't pay it, then she is liable.
If she wants a new house than she can't.
She also can't available herself of lots of schemes which help people buy houses.
The three of you are putting her at risk.

PotteringAlong · 12/03/2019 13:20

She will also not be a first time buyer if things like stamp duty holidays come up again.

Original poster

Greenkit · 12/03/2019 16:02

If she goes on the mortgage and he dies, its paid he has life insurance which covers the mortgage. House would be sold and split three ways between the three children.

She isn't a first time buyer anyway

He isn't about to default he has a very well paid job, as does she.

He can pay it, but the mortgage company wont lend him the amount he needs to give to me.

I cant take less I need to buy somewhere

Anyway its sorted

OP posts:

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