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Jamie-Law
Jamie-Law, Solicitor
Category: Law
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Experience:  Solicitor
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I am buying a house fro my brother who owns it outright, we

Resolved Question:

I am buying a house fro my brother who owns it outright, we have agreed a deposit and monthly payments over 25 years, can my wife and I still be included on the title deeds
Submitted: 10 months ago.
Category: Law
Expert:  Jamie-Law replied 10 months ago.

Hello my name is ***** ***** I will help you.

Yes, because you are part owner. You have paid towards the property.

Can I clarify anything for you about this today please?

Expert:  Jamie-Law replied 10 months ago.

.

Customer: replied 10 months ago.
Hi Jamie do we have to get this written up with a Lawyer to make it legal binding.
Expert:  Jamie-Law replied 10 months ago.

I would get it written up for the avoidance of any misunderstanding.

But if you are named on the deeds, that shows you have an interest.

Does that clarify?

Customer: replied 10 months ago.
would we have to pay stamp duty
Expert:  Jamie-Law replied 10 months ago.

Only if its above the appropriate threshold

Does that clarify?

Customer: replied 10 months ago.
when would the stamp duty need to be paid
Expert:  Jamie-Law replied 10 months ago.

Upon purchase. But if you are just being added to the deeds then no

Does that clarify?

Customer: replied 10 months ago.
I am paying my brother a down payment then monthly payments and added to deeds would that mean we have to pay stamp duty then or at the end of 25yrs
Expert:  Jamie-Law replied 10 months ago.

At the end.

Does that clarify?

Customer: replied 10 months ago.
do you mean when the property is paid in full and the deeds are in my name only
Expert:  Jamie-Law replied 10 months ago.

Yes that is right.

Does that help?

Customer: replied 10 months ago.
thanks
Expert:  Jamie-Law replied 10 months ago.

If this answers your question could I invite you to rate my answer before you go today, otherwise the site doesn’t pay me for the time spent with you. Thanks in advance and good luck.

Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 3971
Experience: Solicitor
Jamie-Law and other Law Specialists are ready to help you
Expert:  Clare replied 10 months ago.

I am sorry but the above is not correct.

As I understand it you wish to purchase the property from your brother.

You will pay a deposit and pay the rest by way of monthly instalments.

The only way of protecting you and your wife is for this to be treated as a straightforward purchase with your brother having a Charge - a mortgage - on the property.

Stamp duty may be payable if the purchase price is above the threshold

The other option which involves your brother and you and your wife being on the deeds together is complicated by the fact that the percentage shares you each have will vary over the years