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Odd question! - Need Expert Advice

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  • Odd question! - Need Expert Advice

    Hi there,

    Bit of an odd question I could do with some expert opinions on!

    I’m currently living with my long-term partner in a house valued at around £130k, we are in the process of decorating it head to toe at the moment with the aim to sell it – which is likely to take 2-3 months. The house is in her name only and she has owned it for 10 years on her own and built up good equity. The mortgage is through Nationwide and is a variable rate.

    I’ve saw a house I really like valued at £200k and would like to buy it, however, it’s going to sometime before my girlfriend’s house is decorated and ready to go on the market. My worry is that the house I like will sell before we are ready to put an offer in.

    So… I have an idea and need to know if it’s a good and practical or not! Firstly, let me say, I have never owned a property, so will be a first-time buyer (assuming no stamp duty?). Could I get a mortgage out in my name only and buy the house (might be able to make a good offer as I would have no chain). Then once my girlfriends house sells, could I add her name jointly to the mortgage and move all of her equity over to the new property?

    Not sure if this is a possibility, and if so, if it will end up being considerably more expensive?

    Also, would there be more solicitor fees than usual doing the buying of the new and selling of the old separately?

    Thanks for your help in advance!
    Last edited by MortgageNoob; 18-02-2019, 11:37 AM.

  • #2

    Please give me a call on the number below, I would be more than happy to discuss this with you in more detail.

    01908 666466

    Amey Sinfield