property help /advice

[bluebird113]

When my daughter and her partner decided to buy a house they were unable to get a mortgage as at the time he had just set up his own business and could not provide the building society proof that the mortgage payments could be met so I took the mortgage out in my name only, however I would like my daughter and her now husband the be the named persons on the house deeds. could anybody advise me the best way to go about this, any help would be greatly appreciated

 

[foley87]

the house and mortgage are in your name? and you wanna keep the mortgage in your name but put their names on the title deeds?

if thats correct, speak to a solicitor, shouldnt cost more than £150/£200

 

[bluebird113]

the house and mortgage are in your name? and you wanna keep the mortgage in your name but put their names on the title deeds?

if thats correct, speak to a solicitor, shouldnt cost more than £150/£200

yes that's right even though they pay the mortgage they would not be able to take it over due to the variable amount of income my son in law earns but I don't really want their home classed as my asset
thanks for the advice I will go and see a solicitor

 

[Ste1969]

Im sure that there is a female blue who posts on here who is a solicitor i can't remember her name, but im sure she would help you. Someone will know her name?

 

[denislawsbackheel]

Stamp duty will be payable.

 

[worsleyweb]

Stamp duty will be payable.

Well that's fucked things up!!

 

[6one]

Stamp duty will be payable.

not if its below 125k and as you will not be transferring the mortgage into their names then there will be no need to either.

If, when they are able to pay the mortgage payments, they take on the mortgage and you don't demand any payment for the equity that you may have, they will only be charged stamp duty on the remaining mortgage excluding any equity.

 

[bgblue]

You can gift all the equity. You can sell a house to whoever you want at as low a price as you want, but solicitors will look very close, to ensure nowt dodgy and money laundering. If its all above board, nowt to worry about.

 

[6one]

You can gift all the equity. You can sell a house to whoever you want at as low a price as you want, but solicitors will look very close, to ensure nowt dodgy and money laundering. If its all above board, nowt to worry about.

Yes. Stamp duty would still, however, be payable on mortgage balance outstanding if they were to take it on. Unless that was below 125k threshold.