Here's my situation.
I don't currently own property (divorce/business). I have a girlfriend of some 3 years that I don't currently live with, but have marriage intentions down the track a bit, maybe in the next year or so.
She has a house worth around $450k, with a mortgage of $100k. Due to some changes in her circumstances, she is strugglng a bit while she is building up her business. I came up with an idea that may resolve a few issues. If I were to buy 50% from her, she would have her mortgage paid off and have over $100k to help keep her going while the business continues to grow as it has. The responsibility for repayments would fall on me, which is works for me as I was going to be buying property in the not too distant future anyway. I would probably move in, so repayments wouldn't be an issue for me. Although, I earn a relatively high income, I don't have significant savings as I am just now getting back on my feet after divorce and a business that went under.
My questions are:
- Do lendng institutions generally view these type of arrangements positively?
- What are the legal ramifications for either of us should things not work out?
- In these circumstances, would stamp duty still apply?
I appreciate any thoughts and opinions.
I don't currently own property (divorce/business). I have a girlfriend of some 3 years that I don't currently live with, but have marriage intentions down the track a bit, maybe in the next year or so.
She has a house worth around $450k, with a mortgage of $100k. Due to some changes in her circumstances, she is strugglng a bit while she is building up her business. I came up with an idea that may resolve a few issues. If I were to buy 50% from her, she would have her mortgage paid off and have over $100k to help keep her going while the business continues to grow as it has. The responsibility for repayments would fall on me, which is works for me as I was going to be buying property in the not too distant future anyway. I would probably move in, so repayments wouldn't be an issue for me. Although, I earn a relatively high income, I don't have significant savings as I am just now getting back on my feet after divorce and a business that went under.
My questions are:
- Do lendng institutions generally view these type of arrangements positively?
- What are the legal ramifications for either of us should things not work out?
- In these circumstances, would stamp duty still apply?
I appreciate any thoughts and opinions.