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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10649
Experience:  30 years as a practising solicitor.
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I live in Scotland. I jointly own a home with my partner

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I live in Scotland. I jointly own a home with my partner (Not married) and we have two children. I am the higher earner (£37k) and main breadwinner though my partner now works full time but on a lower salary (£18k). We are thinking about separating and I need to find a way to bu another property where I intend to take childcare responsibilities equally with my partner 50/50. My questions relates to the best way to do this and whether I can have to pay the extra second home stamp duty and also if I can be eligible for the Help to Buy scheme in Scotland.
Q1 . My property is valued at £150k and we have a £85k mortgage. It's due for re-mortgage this August 2016. Should I take a homeowner loan to make up a deposit for a new house that will become my sole main residence?
Q2. Do I have to pay second home stamp duty as it will be my main residence despite having a joint mortgage on my current family home?
Q3. Would I be eligible for help to buy?
Any advice on the practical aspect of my separation and how to get another property I can own and have my children live in 50% of the time with me?
Submitted: 8 months ago.
Category: Scots Law
Expert:  JGM replied 8 months ago.

Q1 if your partner agrees, you can take an additional advance as a deposit for a new property. Q2 you will have to pay the additional dwelling supplement. See guidance note, particularly foot of p45 and top of p46 https://www.revenue.scot/sites/default/files/LBTT%20Additional%20Dwelling%20Supplement%20Legislative%20Guidance%20-%2016%20March%202016_0.pdf#page45 Q3 you are not eligible for help to buy as you are not a first time buyer.

Customer: replied 8 months ago.
Hello - can you give a more comprehensive answer please perhaps with some further advice about other options I might be able to consider? Also, the help to buy Scotland scheme is open to existing owners not just first time buyers so the information you have provided is not correct. What if I were to transfer the existing property into my partners name only - is this possible and how would this work? Would this then essentially make me able to purchase a property without it being counted as an additional dwelling? Thanks
Expert:  JGM replied 8 months ago.

You would have to transfer the property to your partner so as to avoid the additional LBTT and to qualify for help to buy you would be restricted to buying a new house from a builder. Those are the only circumstances where you could apply for help to buy. If you were able to satisfy both criteria you could proceed. Are you able to do so?

Customer: replied 8 months ago.
this is possible. How complex is it to transfer everything to my partner and is there any advice I should be aware of if I did this. As we are separating and we have children I want to make sure my kids have a family home. But I also don't want to lose everything I have but know I need to able to buy a house so I can share care with my children. Thanks
Expert:  JGM replied 8 months ago.

The main thing is that the mortgage lender would have to be asked to consent to the transfer and remove you from the mortgage. That means that your partner would have to be financially able to take on the mortgage and satisfy the lending criteria. That should be your first enquiry. You may want to enter into an agreement whereby you would preserve your interest in the house until a defined date in the future.

Customer: replied 8 months ago.
Thank you, ***** ***** please explain what Preserving an interest in the property means and how I would do this?
Expert:  JGM replied 8 months ago.

You could, for example, enter into an agreement, whereby as and when the house is sold you would get so much of the sale proceeds notwithstanding that the title has been transferred to your partner. Something like that could be time stated, eg, when youngest child finishes school. This is just an example of course.

JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10649
Experience: 30 years as a practising solicitor.
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