Buying a BTL property for Brother in Joint name or single?Make Text Bigger
I am in process of buying my first buy to let property. I have couple of questions:
(i) The property we are in process of buying is for my brother who doesn’t own any property in his name. Ideally we want to have property in his and his wife name but he couldn’t get mortgage due to not having indefinite leave to remain in the UK visa and income restrictions ( company director but not having SA302 for last 2 years). He has no plan to live in this property, but it’s purely for investment purpose. He couldn’t get even joint mortgage with me/ my wife being British Citizen. We are in good terms so he is happy for us to have our names on property.
(ii) So we are going ahead purchasing this property in our names. I am not sure whether should I buy in Joint name or sole name either in mine or wife’s name. Background: Joint owner with wife for our residential property since June 2014. No other mortgages. I am higher tax payer and wife is basic tax payer. May looking to buy additional couple of properties in next 3 years time. In 5 years time, we might looking to relocate ourselves by putting our existing property on rent. All the properties we have or going to buy, we are looking to keep them (no plan to sell them ) however, we might looking to borrow money from existing properties in order to purchase more properties. at some point in the future, we would like to transfer the property we are buying presently into my brother’s name. so kindly suggest what will be the best options for us.
Some states: PV 148,000 We are putting 25% Deposit. rental income is £700 pcm.
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