If your name is already on a property deed and you buy a house will you technically own two properties?
And if so, if you apply to not be on the deed, does the application have to go through completely before you are considered a single home owner?
What’s the implications of owning a second home? E.g. more tax etc
So my fiancé is on his mums mortgage. She asked him to go on it (name only, he does not pay towards it) to help her out of a tough financial situation when she broke up with her ex partner. She also promised if he went on it then she would pay for his stamp duty (due to it effecting the first time buyers benefit) (this was a few years ago).
His mum is now engaged to a new partner who is still on his old mortgage with his ex wife and is going through court battles for various issues.
We have asked his mum to take him off of the mortgage so we can buy a house but she has said she doesn’t have the money to do this so we will have to wait until it comes to renewal in August. She is borrowing a significant amount of money from family to get her debts paid off so she can be eligible to be the sole name on the mortgage.
A note to add is that there is currently a lot of contention within the family partly due to her saying she now cannot afford the stamp duty she promised but has booked a £6000+ holiday this year but also because since being with her partner she has pushed away the majority of her family who she has relied on for emotional, financial and child care support.
She is now telling us that she is ‘hoping’ to be able to get him off in August and has even asked for money from us to ‘have a chance of getting off sooner’.
Advise needed:
can she automatically renew the mortgage without permission/ a signature from my fiancé?
What are our options if she cannot get him off of the mortgage?
Just general advice if anything else comes to mind. We’re at a point where we want to start our own lives and feel she is taking advantage of the situation and continually moving the ‘goal posts’.