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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Hi My Dad passed away in august leaving my younger brother

Customer Question

Hi My Dad passed away in august leaving my younger brother 38 & my sister 49 And myself 1 third share of assets the house has been put on the market with a view to get my younger brother a 1bed house with a mortgage to make up the difference however he now tells me that he has a debt of 3500 pounds with a debt management company who have said to him that he would not get a mortgage for 1 to 1&1/2 years after this was to be cleared so my question is if he uses his chunk and either myself or sister put the rest down and it is registered in both names and in say 2 years he has no debt should he be able to get mortgage as a 1st time buyer and how would it work with stamp duty having already paid at beginning
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Thanks for your question. Please kindly RATE my answer when you are satisfied

Joshua :

Would you be able to tell me roughly what his share is worth (an approximation is fine). What kind of price range in terms of property is he looking at?

Joshua :

Do you know if he has entered an IVA - you mention a debt management company? If so when was the IVA entered into?

JACUSTOMER-efp3octn- :

hi as far as I know he did have an iva but missed a payment and it went to court and is now on a government plan.I think about a year ago. his share would be 100,000 .I would put in 80,000 so I should go onto land title

Joshua :

Thanks. Typically it would be difficult to obtain a good rate on a mortgage for up to 6 years from the date of his IVA or last "credit issues" that may have been recorded on his credit file. However he can apply for mortgages once he has been discharged from the IVA or management plan he is under. The rates will likely be relatively high though, the more so the sooner he applies as his risk will be perceived as higher.

Joshua :

However if he has a large amount of equity as he would have there should be lenders in the market place that will consider him.

Joshua :

In terms of stamp duty...

Joshua :

I will use the example figure you have given of a purchase price of £180K but obviously the exact amount of duty will vary depending upon the final price agreed.

Joshua :

Anything up to £250K would be assessed at 1% duty and accordingly £180K would incur duty of £1,800.00 on purchase. If and when he decides to obtain a mortgage duty would be assessed on the share he buys out from you. So if you owned a half share this would be a £90K share on which duty is £0 as no duty is charged on amounts under £125K. So providing you do not own a share in a property that is in excess of £125K at the time of his acquiring the share there will be no further duty payable.

Joshua :

Is there anything above I can clarify for you?

JACUSTOMER-efp3octn- :

would you know if this would be able to be 1st time buyer basis or a re mortgage

Joshua :

If he already owns the property he is unlikely to qualify as a first time buyer as he has by definition already bought a property under your proposal.

Joshua :

However it would be necessary to discuss to what extent his not being a first time buyer would effect the rates and terms available to him with a mortgage broker. It may or may not have much impact

Joshua :

Does the above answer all your questions or is there anything I can clarify or help with any further?

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with though please reply back to me though.

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