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I own a house, my partner she is a 1st time buyer - best way to purchase next property


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Hi All,

 

my my partner and I are new to the property world. From February we are looking to buy our first property together and start our property journey from there. I looking for advice on best way to go about getting this next property.

 

i already own a property solely in my name but my partner will be a first time buyer. Now we are looking for a place we can refurb and fix up as she has the skills to do this, and likes to do this. She is a technical architect professionally and keen eye for interior design.

 

we will live in the next property, do it up and see if it would be good to sell or hold it and get our money out for another property. She would like to hold it and get the money out for another property.

 

the question is what is the best way to get the next property, as she would be a first time buyer might be some advantages to this. 

 

Thanks

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  • 3 weeks later...

As a first time buyer she'd not have to pay the additional 3% SDLT, but that means your name can't be on the title or any financing agreements on the property. So it depends if that will be an issue for you or not. 

 

It's worth checking out the Governments first time buyer deals, but generally speaking for what you're looking at doing it's not that helpful. 

 

Personally I'd buy it in her name (if that's within affordability requirements - and get a Deed of Trust to secure your interest in the property too) and refinance it as a BTL once 6 months have passed if you're looking at keeping hold of it. It's a one off saving of 3% right now as a personal property, but not much extra advantage really. Going forward, buy properties within a company or in joint names to keep you both protected.  

Damien Fogg
MRICS CeMAP CeFA

Email: damien@theepinvestor.com

Web: www.theEPinvestor.com

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