#585

Yeah I would imagine so. Probably going to be costing us a lot! But that’s much less hassle than having to sell and find somewhere else.

I don’t know how long these things take. It would probably be too soon to kick it off now and wouldn’t need to worry about it until early next year?

#586

Yep, I imagine that the reason for April is because the initial 2 year fixed period on their current mortgage ends. So if you step in then, you avoid paying the extra early break fees that you’d be liable for if you were to do it now.

I think in terms of costs, you’ll have to pay a solicitor to transfer the brothers share to you. And then work out what the cost is to buy him out based on current value, the deposit he paid, and the fact he’s been paying mortgage for 2 years.

There will then be a cost to set up a new mortgage with your name on it, but that will probably feed into your monthly payments, so not be a one off payment in April.

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#588

If you can effectively re-mortgage to raise the funds to buy out the exiting party (assuming the April date coincides with the early repayment charges coming to an end) the survey and legal work required will be included in the deal although the work involved to effect the transfer will be chargeable, typically you are looking at around £300.

#589

There may also be some insistence on the lenders part that your bf’s brother obtains independent legal advice as part of the process.

#590

Thank you! Yes, that’s the reason but I didn’t really know the ins and outs.

#591

I don’t think we’ll need to do anything like that as we have the cash pretty much ready. I’d like to have a bit more for my share tbh because I want to pay my fair share without asking for help from my parents or from my bf making up the rest but we have to wait and see how much I need to pay for his share.

I suppose we’ll need the house valued again?

#592

Yes but I wouldn’t expect you’d have to pay for that, the lender will chuck you a freebie.

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#593

If it’s the same lender on the same property with (one of) the same borrower(s) I’d have thought they’ll just go with their pre-calculated valuation (based on market info and general local trends) rather than needing any surveys carried out specifically on your behalf.

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#594

Aye, unless you’ve had significant work done, they most likely won’t worry about it. “Affordablity” will be what they’re more concerned with

#595

ooh ok interesting!

I know NOTHING about houses or mortgages or any of this shit.

#596

Have you had a chat about Stamp Duty?

I am assuming your boyfriend and his brother went 50/50 on Stamp Duty when they bought the place? Could be wrong. But if so it’s worth flagging because your boyfriend’s brother might be a bit irked about paying that Stamp Duty on a flat 2 years ago he is being bought out of and has never (I assume) had any benefit from. I mean this has probably been considered and between brothers it’s probably nothing, but… if I were said brother in this scenario I’d be a bit like “I’ve kinda wasted a few grand here”.

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#597

I’ll have to mention that to him, thanks.

It’s a bit of a minefield for me as I feel like an outsider who is basically waiting for someone to say PAY £20K TO HIM and I want to know everything around it so I don’t feel so out of control and know whats happening.

#598

It’s a minefield for anyone, it really is! Although with this there will eventually be a clear sum to pay to him for a clear purpose but, yeah, anything to do with house buying is always very daunting. Especially first time.

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#599

and my bf doesn’t seem to understand that even though he only did this less than 2 years ago!

Someone at work said we’d have to pay stamp duty again.

#600

Heh, I’m the same tbf.

Actually I think your work colleague might be correct on that one :grimacing:

#601

Oof ok official money panic.

#602

Depends on the value of the property and whatnot. But you won’t have to pay the FULL sum again.

https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property

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#603

image

Merry Christmas Meow!

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#606

The transfer isn’t a gift. You’re buying it from him. A gift in this context = him giving it to you for free. (I think)

#607

I won’t screenshot my chat but

Me: I’d best get on Pinterest
Him: YES MAKE IT HYGGE

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