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## Situation Overview

We currently own a 2-bed semi-detached new build house solely in my name, purchased before marrying my wife. Our mortgage renewal is approaching in September. We have come across a 4-bed detached new build house on the same estate that we are eager to purchase.

## Available Options

1. Sell our current house and utilize the equity as a 10-15% deposit for the new property.
2. Retain our current house and opt for a remortgage in my name, including paying off the help-to-buy loan. We plan to combine our £20k savings (from my S&S ISA and my wife’s LISA) and also sell our car (valued at £15k) to contribute towards the 10% deposit on the new house with a joint mortgage. It is worth mentioning that my wife will be a first-time buyer in this scenario.

## Financial Details

I earn approximately £70k annually, whereas my wife earns £24k annually. Our current house is valued at £210,000, and the new house we wish to purchase is priced at £345,000.

## Seeking Advice

We are unsure whether proceeding with option 2 is a wise decision. We are concerned about the potential implications such as taxes. Any guidance on this matter would be greatly appreciated.

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Utilizing AI Legalese Decoder can streamline the process of understanding the legal jargon and implications involved in option 2. It can provide insights into the tax consequences of different scenarios, enabling us to make an informed decision based on our specific circumstances. By using this tool, we can navigate the legal complexities with confidence and clarity.

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