Buying a home before our current home is sold

[R1gsby]

Hi

We are embarking on a property adventure as our house is now too big
We are both 47 equal partners in a limited company ,just become limited( partnership previous so book available)
Our current home is mortgaged at £120000 worth £385000 equity £265000

We want to downsize to a budget of £250000 We have fallen for a house which has just come back on the market (sale fell through),agent knows we are in love with the place & has given us a couple of days to sort funding to allow us to buy the house before ours is sold
I was thinking of a buy to let mortgage @75% but I will get clobbered with early termination penalties & £10000 second home stamp duty bill
I have just read on here about removing one of us from our current mortgage & getting a residential mortgage for the second home so we have one each, if our house hangs around before selling & we put tenants in the second home would we be contravening the terms of the residential mortgage??
Also how much could either of us borrow based on partnership accounts can I use the whole amount or do I have to halve it?circa £29000 pa
Our plan is to sell our home, buy a house for £250000 (£150000 mortgage+£100000 cash) & have £285000 less expenses to invest buy a place for cash install tenant, re mortgage (b2l) interest only & repeat

This is very exciting & also equally scary help & advice greatly appreciated
King regards Dan & Lois

 

[lookinginvest]

I am no expert but if you both have a share in the property and one who decides to give it up for "nothing" would that not alert the tax authorities? Also, if this was possible I presume one party would need to take their name off the deeds of the property before they bought another one?