My partner and I are currently selling our respective houses so we can move in together. We had both accepted offers on our houses and had an offer accepted on a new build house which completes next month. However, my Partner’s sale has fallen through and to ensure we don’t lose our new house, I have had to take a mortgage to make up the difference while she resells.
As my partner is retired, I have had to take the mortgage in my own name and therefore the house purchase will also be in my own name as the bank does not allow otherwise (if it wasn't for that, we could have put in in joint names and reclaimed the 2nd home tax when she sold).
As a result, does this mean that when my partner sells and she uses the funds to repay the mortgage, which could be pretty soon after we move in, we will have to pay SDLT on the amount of the mortgage she repays to transfer the house into both our names? Can she just gift me the money to repay the mortgage (I am guessing not).
Any advice/clarification much appreciated.
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