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yes the mortgage will be secured on the property.
Also i would like you to know that i have already paid the amount of 33.00 sterling pound through Paypal
Thank you, XXXXX XXXXX be waiting for your reply. However, if you are going to send it as an email, please email me on:
I have written it twice for confirmation.
We cannot send answers as emails I'm afraid.The lender may insist that your daughter's name is XXXXX XXXXX deeds so you would need to ask them about that.Take a look here for information on stamp duty. There would only be stamp duty to pay if your daughter was taking a part-ownership interest in the property and it would only be based on the cash involved (there is none) or the value of the mortgage she is taking responsibility for so long as it was more than £125,000, the point at which stamp duty starts. So, if your daughter was actually buying an interest in the property for £200,000, then stamp duty would apply in my view. If the mortgage was in joint names, stamp duty would not apply as your daughter would only be responsible for £100,000. As there is no suggestion of the intention being to give your daughter an ownership interest in the property, stamp duty will not apply. I hope this helps but let me know if you have any further questions.
Tony thank you . you are right, the reason for the question is not to put her name on the deed to own a part of the property. I do i understand that if the mamount we would like to borrow is less than 125000 then the stamp duty will not apply anyway. Also, if she is going to borrow 100000, then she does not have to be on the deed and she does not have to pay any stamp duty as long as the mortgage is in joint names. in both cases, I understand, if she borrows 125000 or 100000 she does not have to pay any stamp duty. Is that right ? Now can i ask if you know where to go to apply for a mortgage?
Thank you Tony. You have been most helpful. I would discuss the result of your answer with my family when they are back from work. If I have a related question, can I forward it to you tomorrow?