S
Septgirl
Guest
Myself and my Fiance are planning on building an extension to his mothers house and a granny flat for his mother. She wants us to this this so that she will not be alone in her older years and as we were struggling to find a decent site we decided to take her up on the offer. We plan on getting married at the end of next year so while the deeds of the house can be transferred to my Fiance's name they cannot be transferred to my name until we are married unless we want to pay gift tax.
We were approved a mortgage but when the bank realized that the deeds will not be in my name they said they have to look into this again. My Fiance will not be able to get mortgage in his own name for the amount that we need for the extension.
Has anyone been in this situation before and either gotten around the gift tax or has the bank decided to go ahead and give the mortgage even though both names were not on the deeds? I know the banks controls are tighter than they used to be but i really hope they can grant the mortgage as dont want to be paying in excess of 30k gift tax!!
We were approved a mortgage but when the bank realized that the deeds will not be in my name they said they have to look into this again. My Fiance will not be able to get mortgage in his own name for the amount that we need for the extension.
Has anyone been in this situation before and either gotten around the gift tax or has the bank decided to go ahead and give the mortgage even though both names were not on the deeds? I know the banks controls are tighter than they used to be but i really hope they can grant the mortgage as dont want to be paying in excess of 30k gift tax!!