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Options for buying a 2nd home

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  • Options for buying a 2nd home

    My current home belongs to myself and my brother (50/50). His name was also on the deed but back in 2013 we tried to sell the house. We thought it would be better if we removed his name - so we did. We didnt sell the house and we havent added him back on

    Fast fwd to today. At the moment, only myself, wife and my parents stay here. My brother is living in a rented home

    The plan is for him to move back here and for me to move out

    As this house is on my name - what are my options?

    1. Can I buy another home in my wifes name (to avoid stamp duty)?
    2. Should we buy the new home together (me and wife) and as the new home will be my only residence - will I still have to pay SD?
    3. This current home - should I just add my brother back on (and leave my name as well), so in the future, when we sell - no CGT?
    4. Should I remove my name from this house altogether and just pass to my brother?

    Any advice you can advise would be great

    We dont want to break any laws and keep it all legit
    Tags: None

  • #2
    Remember that some cunning plans are not in fact that clever. I recommend you to take professional advice.
    Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

    Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf

    Comment


    • #3
      Originally posted by atticus View Post
      Remember that some cunning plans are not in fact that clever. I recommend you to take professional advice.
      I agree. Any recommendations for anyone online. Obv will be paying

      Or anyone you can suggest in the NW of England region?

      Comment


      • #4
        Ask people you trust for recommendations in your area.
        Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

        Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf

        Comment

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