StefanAVFC Posted November 17, 2020 Share Posted November 17, 2020 On 15/11/2020 at 20:30, Stevo985 said: Fradley Village or South? Best chippy around in Fradley Link to comment Share on other sites More sharing options...
Stevo985 Posted November 17, 2020 VT Supporter Share Posted November 17, 2020 5 minutes ago, StefanAVFC said: Village or South? Best chippy around in Fradley South The Fradley Fryer? Literally a 2 minute walk from the house we viewed on the weekend! Link to comment Share on other sites More sharing options...
StefanAVFC Posted November 17, 2020 Share Posted November 17, 2020 Just now, Stevo985 said: South The Fradley Fryer? Literally a 2 minute walk from the house we viewed on the weekend! Brilliant place, my dad is mates with the owner (he organises events and always uses him for catering) 1 Link to comment Share on other sites More sharing options...
Stevo985 Posted November 17, 2020 VT Supporter Share Posted November 17, 2020 28 minutes ago, StefanAVFC said: Brilliant place, my dad is mates with the owner (he organises events and always uses him for catering) Amazing. Yeah the house we viewed on Saturday is literally up the road. You can probably see it from the chip shop. It's on Fletcher Drive next to the lake there. Don't think we'll go for it but it's definitely that area we're looking Link to comment Share on other sites More sharing options...
Genie Posted November 17, 2020 Share Posted November 17, 2020 (edited) 1 hour ago, Stevo985 said: On the subject, I'm providing the deposit for our house (whenever we find one) which will be about 20% of the value. I'm absolutely fine with that, my money is our money. However we've both discussed that it's only fair that if anything did happen and we ended up breaking up and had to sell the house, I would get that deposit back before any other share of the house was split. She'd be sharing the mortgage payments so there would be no issue with splitting the rest. Anyone got any experience with putting that into the contract for the house or anything? The OH is perfectly fine with it. I trust her that if the worst happened she would let me have that money but she's also fine with putting it in writing just in case. Not sure how we go about it though The problem going forwards is if/when you have kids. I’ve paid 100% of the mortgage for over 10 years because she’s been either not working or just doing a few part time hours. I can’t say it’s my money/equity as her looking after the children has allowed me to earn the money for the family. It’s also saved us money on childcare. Knowing how complicated the female of the species are, if you try inserting clauses into contracts about “your money” then it could be a recipe for disaster (even if she says she’s fine with it). I think a verbal agreement and keeping things amicable is going to be your best bet if it goes sour. Edited November 17, 2020 by Genie Link to comment Share on other sites More sharing options...
Stevo985 Posted November 17, 2020 VT Supporter Share Posted November 17, 2020 (edited) This might be a stupid question, but what qualifies you as a "first time buyer"? I've owned and lived in a property on my own before. I sold it over a year ago and haven't lived in it for 4 years. So I'm buying with my partner who has never owned a property, and we've never owned a property between us. We don't have to sell a property to buy our house. I'm guessing I still count as not a first time buyer, but didn't know if any of that technically overrode anything. Edit: should have been specific, I was talking in terms of paying stamp duty Edited November 17, 2020 by Stevo985 Link to comment Share on other sites More sharing options...
Genie Posted November 17, 2020 Share Posted November 17, 2020 I think you’ll qualify @Stevo985 I think it’s mainly people not in a chain who are a good chance of quick sale without collapsing. Link to comment Share on other sites More sharing options...
Stevo985 Posted November 17, 2020 VT Supporter Share Posted November 17, 2020 Sorry i should have been more specific. I was talking about Stamp Duty. So if we miss the Stamp Duty holiday would we have to pay the full whack or could we sneakily (but legally!) qualify as a first time buyer? Link to comment Share on other sites More sharing options...
Rodders Posted November 17, 2020 Share Posted November 17, 2020 (edited) https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note looking at that: Chapter 1: Overview of relief for first time buyers Broadly, this relief applies where: there is a purchase of a single dwelling, the purchase price is not more than £500,000, the purchaser or, if there is more than one, each of them, is an individual, the purchaser or, if there is more than one, each of them, is a first time buyer, who intends to occupy the dwelling as their only or main residence All the purchasers must be first time buyers. See Chapter 3 for the meaning of first time buyer. If there are any purchasers who are not first time buyers then no relief is available. 7 Chapter 3: Definition of a first time buyer In order to count as a first time buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world. This includes previous acquisitions by inheritance or gift, or by a financial institution on behalf of a person under an alternative finance scheme. Relief is not denied by virtue of a previous acquisition as a trustee unless the purchaser was also a beneficiary of the trust. Relief is also not denied if the purchaser owns or has previously owned non-residential or mixed-use property, as long as that property did not include a dwelling. This restriction does not apply where the interest acquired was the grant or assignment of a lease with less than 21 years to run. If the property is purchased jointly, all the purchasers must meet these conditions. sadly I think you might be buggered on that front Edited November 17, 2020 by Rodders Link to comment Share on other sites More sharing options...
stuart_75 Posted November 17, 2020 Share Posted November 17, 2020 4 hours ago, Genie said: The problem going forwards is if/when you have kids. I’ve paid 100% of the mortgage for over 10 years because she’s been either not working or just doing a few part time hours. I can’t say it’s my money/equity as her looking after the children has allowed me to earn the money for the family. It’s also saved us money on childcare. Knowing how complicated the female of the species are, if you try inserting clauses into contracts about “your money” then it could be a recipe for disaster (even if she says she’s fine with it). I think a verbal agreement and keeping things amicable is going to be your best bet if it goes sour. I have to echo this. I've been in front of a judge in a divorce/family matter court and had to explain why my money was my money and not to be split. The ex didn't want 50% as it was money given to me by my parents prior to meeting her. The judge didn't want to hear, we had to plead our case in person and he finally agreed after he'd rejected our deal twice prior. I've been with my current partner for 4 years and we don't live together. Spend alternate weekends at each other's residence. It may sound weird but its becoming more popular in the older generations. I get my free time and no nagging. It also keeps the relationship fresh, never boring or a chore. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted November 17, 2020 Share Posted November 17, 2020 (edited) 1 hour ago, Stevo985 said: Sorry i should have been more specific. I was talking about Stamp Duty. So if we miss the Stamp Duty holiday would we have to pay the full whack or could we sneakily (but legally!) qualify as a first time buyer? You wont qualify if your names on it. Only way you qualify is if you put it under your partners name only and then your 'gifting' the money to her but then you have to sign saying you dont want anything from the property (in terms of money back this is to satisfy the mortgage company) This is the issue me and my fiancee have. Her parents passed away so even though she inherited a property (paid 100k!!) She isnt a first time buyer. I am so regardless if i am if she is on the deeds we dont get stamp duty discount But then if you do a declaration of trust upon completion and you are entitled to half the property if yoh ever split up. Not sure if you want to explore that avenue to save as a depends how much your saving? Edited November 17, 2020 by Demitri_C 1 Link to comment Share on other sites More sharing options...
Stevo985 Posted November 17, 2020 VT Supporter Share Posted November 17, 2020 8 minutes ago, Demitri_C said: You wont qualify if your names on it. Only way you qualify is if you put it under your partners name only and then your 'gifting' the money to her but then you have to sign saying you dont want anything from the property (in terms of money back this is to satisfy the mortgage company) This is the issue me and my fiancee have. Her parents passed away so even though she inherited a property (paid 100k!!) She isnt a first time buyer. I am so regardless if i am if she is on the deeds we dont get stamp duty discount But then if you do a declaration of trust upon completion and you are entitled to half the property if yoh ever split up. Not sure if you want to explore that avenue to save as a depends how much your saving? Nah it's not worth it. And I don't want to do anything dodgy, if I'm due to pay it I'm due to pay it. Was just seeing if I qualified. Would save us 5 grand if we qualified for the discount. We'd be saving 10 if we got in before the stamp duty holiday ended but I'm feeling like that's doubtful now Link to comment Share on other sites More sharing options...
Demitri_C Posted November 17, 2020 Share Posted November 17, 2020 4 minutes ago, Stevo985 said: Nah it's not worth it. And I don't want to do anything dodgy, if I'm due to pay it I'm due to pay it. Was just seeing if I qualified. Would save us 5 grand if we qualified for the discount. We'd be saving 10 if we got in before the stamp duty holiday ended but I'm feeling like that's doubtful now Its not dodge its a loophole but yeah it isnt worth it i dont think your case. Link to comment Share on other sites More sharing options...
Demitri_C Posted November 17, 2020 Share Posted November 17, 2020 So still havent exchanged in my case. My solicitor is asking what the hold is up is and if we dont wxchange by friday i am pulling out. She cced everyone the sellers, the sellers solictor me the developers and their legal team. This was monday and not person has replied to her email. I think i am going to start viewing other properties now as i am just so fed up of this longness Link to comment Share on other sites More sharing options...
mottaloo Posted November 17, 2020 Share Posted November 17, 2020 5 hours ago, Stevo985 said: Amazing. Yeah the house we viewed on Saturday is literally up the road. You can probably see it from the chip shop. It's on Fletcher Drive next to the lake there. Don't think we'll go for it but it's definitely that area we're looking I can heartily recommend the local gym, a few doors down from that chippy. Gymunity is the place. Well worth buying in Fradley for that reason alone Link to comment Share on other sites More sharing options...
Stevo985 Posted November 17, 2020 VT Supporter Share Posted November 17, 2020 14 minutes ago, mottaloo said: I can heartily recommend the local gym, a few doors down from that chippy. Gymunity is the place. Well worth buying in Fradley for that reason alone Yeah someone else told me that gym is good (in fact I think it was @kurtsimonw) My plan is to have a house with a garage and turn the garage into my own gym, but it's good to know that one is there for the short term (not that I've set foot in a gym since March, bloody Covid!) 1 Link to comment Share on other sites More sharing options...
Xela Posted November 17, 2020 Share Posted November 17, 2020 (edited) 8 hours ago, Stevo985 said: On the subject, I'm providing the deposit for our house (whenever we find one) which will be about 20% of the value. I'm absolutely fine with that, my money is our money. However we've both discussed that it's only fair that if anything did happen and we ended up breaking up and had to sell the house, I would get that deposit back before any other share of the house was split. She'd be sharing the mortgage payments so there would be no issue with splitting the rest. Anyone got any experience with putting that into the contract for the house or anything? The OH is perfectly fine with it. I trust her that if the worst happened she would let me have that money but she's also fine with putting it in writing just in case. Not sure how we go about it though A solicitor will be able to knock up an agreement fairly quickly. A mate of mine did it. He put the bulk of the deposit down on the house he moved into with his missus (about £100k i think) and had that protected in the event of a split. It made sense as he has a lad from a previous relationship so it is more about protecting his kids future more than anything. Everything else is split 50-50 after that, even though he pays more of the bills (as he earns more) Edited November 17, 2020 by Xela 1 Link to comment Share on other sites More sharing options...
Popular Post Demitri_C Posted November 18, 2020 Popular Post Share Posted November 18, 2020 Its been long, stressful and pure aggro but i can confirm we exchanged contracts today !!! Buzzing! 9 Link to comment Share on other sites More sharing options...
Genie Posted November 18, 2020 Share Posted November 18, 2020 (edited) 6 minutes ago, Demitri_C said: Its been long, stressful and pure aggro but i can confirm we exchanged contracts today !!! Buzzing! Nice one. I had my remortgage offer through today today which is a weight off my mind to be sorted. 1.39% fixed for the next 5 years. Edited November 18, 2020 by Genie 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted November 18, 2020 Share Posted November 18, 2020 1 hour ago, Genie said: Nice one. I had my remortgage offer through today today which is a weight off my mind to be sorted. 1.39% fixed for the next 5 years. Great news mate. Thats a good rate as well similar to mine Link to comment Share on other sites More sharing options...
Recommended Posts