Redundancy and FLR (M)

House is in the UK, but we wouldn't be living in it, we're currently staying at my mom's and we intend to stay there,so my brother would be living at his house and having financial responsibility over it.

So should be ok?

Of course . It has nothing to do with your visa whatsoever.

Think about it, for the visa you need to prove:
- you meet the financial requirement (your/your sponsor's employment).
- you have somewhere to live in the UK (your tenancy agreement/Land Registry/letter from owner etc.)
- your relationship is genuine (you are married and have been living in the same house as each other)

Owning a house with your brother would only affect the application if:
- you were receiving rental income from it and were using that income to meet the financial requirement (you would have to show ownership, rent payments and rental agreements)
- you were living in it and providing proof of that for the accommodation requirement (you would need to show ownership of the property and that your brother has no objection to you living there)

Of course . It has nothing to do with your visa whatsoever.

Think about it, for the visa you need to prove:
- you meet the financial requirement (your/your sponsor's employment).
- you have somewhere to live in the UK (your tenancy agreement/Land Registry/letter from owner etc.)
- your relationship is genuine (you are married and have been living in the same house as each other)

Owning a house with your brother would only affect the application if:
- you were receiving rental income from it and were using that income to meet the financial requirement (you would have to show ownership, rent payments and rental agreements)
- you were living in it and providing proof of that for the accommodation requirement (you would need to show ownership of the property and that your brother has no objection to you living there)

Yeah that makes a lot of sense! thank you for your advice . Honestly can't express enough how much I appreciate you guys .

With that being said, then I will likely co-own the house with my husband too.

Yeah that makes a lot of sense! thank you for your advice . Honestly can't express enough how much I appreciate you guys .

With that being said, then I will likely co-own the house with my husband too.

Have a look at USA tax implications for the USA person.  Best to avoid putting the USA citizen on the house!

Also be sure of the financial commitment worst case scenarios (brother stops paying but refuses to leave type thing).  I’m a believer that if you have a plan for this type of thing, you won’t need it.   

Have a look at USA tax implications for the USA person.  Best to avoid putting the USA citizen on the house!

Also be sure of the financial commitment worst case scenarios (brother stops paying but refuses to leave type thing).  I’m a believer that if you have a plan for this type of thing, you won’t need it.   

Yes, very good points .

My answer was just in reference to the visa application itself, and not to the actual logistics or tax implications of part-owning a house.

Thank you both it's really sound advice. Yeah im a bit worried about that actually, with the worst case scenario. Because technically I should be able financually able to pay for the place but i dont exactly want to, because I'm not a fan of the house. Though if I were to be paying for it I would rather live there (i have no intention of giving my brother free house to live in I just want to help him help himself kind of thing). So if necessary if it came to that I would move in if im paying for it.

Maybe I should get a solicitor involved just to keep everything clear cut? Still unsure if I should do it. On one hand its helping out family but on the other hand I need to be putting myself and my husband first.

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Maybe I should get a solicitor involved just to keep everything clear cut?

When a shared property - DEFINITELY get a solicitor involved.  It'll be a very small cost in the long run.  And they'll think of things we are unable to think of.  To protect both of you (and your partner).

It's never wrong to help family (it's also never wrong to say you can't do it either).  Just be well informed and have a clear (written) plan in place.  Your partner needs to be just as "for it" as you are, as it could impact him financially as well.  Particularly if you wanted to buy a property in the future.  You'd have to pay stamp duty and not benefit from first time buyer stamp duty (if you would qualify if you didn't do this) as well as it affecting your purchasing power.

Again, no right or wrong answer.  Just best to be informed! 

When a shared property - DEFINITELY get a solicitor involved.  It'll be a very small cost in the long run.  And they'll think of things we are unable to think of.  To protect both of you (and your partner).

It's never wrong to help family (it's also never wrong to say you can't do it either).  Just be well informed and have a clear (written) plan in place.  Your partner needs to be just as "for it" as you are, as it could impact him financially as well.  Particularly if you wanted to buy a property in the future.  You'd have to pay stamp duty and not benefit from first time buyer stamp duty (if you would qualify if you didn't do this) as well as it affecting your purchasing power.

Again, no right or wrong answer.  Just best to be informed! 

Thank you, oh yeah definitely, my hubby is my go to person in all this. We both decided together not to live there after visiting the house so we're trying to see what our options are with this route.

Gosh yeah didn't even think of stamp duty, no idea how that stuff works. Me and my husband actually started our Help to Buy ISA's a few months ago and we mentioned that we would lose the bonus if we did co-own, because technically we wouldn't be first time buyers after this step. My brother said he would be willing to gift us the amount we would have got.

So honestly it sounds like a good deal, but my issue is, is that I haven't heard any cons yet, and call me a pessimist, but if i don't know of any cons I cant make an informed decision.

But yes, I will definitely speak to a solicitor and ask for advice. I'm happy to help my siblings but not at the expense of my relationship. Me and my hubby have gone through too much in terms of the LDR (as I'm sure you all can relate to as well) to take any potentional risk on it.

Thank you, oh yeah definitely, my hubby is my go to person in all this. We both decided together not to live there after visiting the house so we're trying to see what our options are with this route.

Gosh yeah didn't even think of stamp duty, no idea how that stuff works. Me and my husband actually started our Help to Buy ISA's a few months ago and we mentioned that we would lose the bonus if we did co-own, because technically we wouldn't be first time buyers after this step. My brother said he would be willing to gift us the amount we would have got.

So honestly it sounds like a good deal, but my issue is, is that I haven't heard any cons yet, and call me a pessimist, but if i don't know of any cons I cant make an informed decision.

But yes, I will definitely speak to a solicitor and ask for advice. I'm happy to help my siblings but not at the expense of my relationship. Me and my hubby have gone through too much in terms of the LDR (as I'm sure you all can relate to as well) to take any potentional risk on it.

Using a house price of £350,000 (no idea if that's too low or too high for where you live):

£18,000 stamp duty if you are on your brother's home
£2,500 stamp duty if you were a first time home buyer (not on your brother's home).

So would your brother be willing to give you £15,500 at the drop of a hat if you bought a property?

I can think of lots of cons unfortunately.  But I've been burned before and watch WAY too much Judge Judy.   

Using a house price of £350,000 (no idea if that's too low or too high for where you live):

£18,000 stamp duty if you are on your brother's home
£2,500 stamp duty if you were a first time home buyer (not on your brother's home).

So would your brother be willing to give you £15,500 at the drop of a hat if you bought a property?

I can think of lots of cons unfortunately.  But I've been burned before and watch WAY too much Judge Judy.   

Good god I had no idea stamp duty was so much!!!  My brother's house is valued (i think) at £115,000 so stamp duty a percentage of that?

Don't think he would be able to provide that sort of money at the drop of a hat in all honesty .

I'm sorry you got burnt that honestly sounds awful, i hope you've been able to bounce back from it now. Haha yeah Judge Judy  always makes me suspicious of everyone lol

Good god I had no idea stamp duty was so much!!!  My brother's house is valued (i think) at £115,000 so stamp duty a percentage of that?

Don't think he would be able to provide that sort of money at the drop of a hat in all honesty .

I'm sorry you got burnt that honestly sounds awful, i hope you've been able to bounce back from it now. Haha yeah Judge Judy  always makes me suspicious of everyone lol

Stamp duty would be based on the price of the home you are purchasing (if you and your partner decide to buy in the future).

It's the fact that it would be considered a second property that will hurt!

Stamp duty would be based on the price of the home you are purchasing (if you and your partner decide to buy in the future).

It's the fact that it would be considered a second property that will hurt!

Yeah, it's based on the price of the house (and I guess other things too).

My stamp duty in 2016 (first time buyer, fairly cheap house) was only £560.

My stamp duty in 2016 (first time buyer, fairly cheap house) was only £560.

Yup, it's a great deal!  That's why it would be hard to lose without the benefit of actually owning. 

Thanks both, it's definitely a big decision and I'm gonna need to have a good and proper think about this.

eeesh after this whole redundancy, new joband house move...i was really hoping i could just take it easy for a while and not deal with anymore big life changes

Hey guys so a new option has popped up. My brother is willing to just have his house signed over to me and that me and my husband can have the house. It works out better in my opinion cos of stamp duty etc and he doesnt have his heart set on the house anymore.

Just wondering would it be more beneficial to have the house in just my name or mine and my husband's name? I think y'all mentioned something about US taxes (how much would he have to pay and how does he pay it?) I believe so maybe just living with me would be better? Or would it be more beneficialy for him to be a co-owner with me in terms of showing immigration that we are still a tight unit?

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Hey guys so a new option has popped up. My brother is willing to just have his house signed over to me and that me and my husband can have the house. It works out better in my opinion cos of stamp duty etc and he doesnt have his heart set on the house anymore.

Just wondering would it be more beneficial to have the house in just my name or mine and my husband's name? I think y'all mentioned something about US taxes (how much would he have to pay and how does he pay it?) I believe so maybe just living with me would be better? Or would it be more beneficialy for him to be a co-owner with me in terms of showing immigration that we are still a tight unit?

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If he is listed on the house he will be liable for capital gains tax (might be calling it the wrong thing, but he will owe money) on the sale of the house... This is why I won't be listed on the house as an owner when we buy. Though we may do some lawyery thing that has me as an owner in writing.