Mortgage query - buying out shared equity and stamp duty etc
Discussion
Hi All, hope this is the right place for a question like this..
I have my own house and so does my partner - longer term we would like to sell both and buy one but knowing how difficult that could be to co-ordinate it might be easier to sell mine and then hers when that would tie in with buying a new one. I also have an excellent tracker mortgage that I'd like to port over as it's such a low interest rate for life.
Her house seems to have a shared equity home purchase scheme of 25% with Orbit Housing Group that dates back to about 2003(complicated business done by her ex, still trying to fully understand how that was all put together...they are divorced and he's not on the deeds anymore). Is it possible/feasible for me to sell mine, port over my outstanding mortgage amount to buy out the 25% equity and is stamp duty payable on any of that as she'll still be on the deeds? Or is this just making a massive mess? At 25% the value of the Orbit equity is £50-60k.
I have my own house and so does my partner - longer term we would like to sell both and buy one but knowing how difficult that could be to co-ordinate it might be easier to sell mine and then hers when that would tie in with buying a new one. I also have an excellent tracker mortgage that I'd like to port over as it's such a low interest rate for life.
Her house seems to have a shared equity home purchase scheme of 25% with Orbit Housing Group that dates back to about 2003(complicated business done by her ex, still trying to fully understand how that was all put together...they are divorced and he's not on the deeds anymore). Is it possible/feasible for me to sell mine, port over my outstanding mortgage amount to buy out the 25% equity and is stamp duty payable on any of that as she'll still be on the deeds? Or is this just making a massive mess? At 25% the value of the Orbit equity is £50-60k.
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