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  • FIRST POST
    • ElinBert
    • By ElinBert 12th Mar 17, 10:40 AM
    • 2Posts
    • 0Thanks
    ElinBert
    Title transfer without benefit
    • #1
    • 12th Mar 17, 10:40 AM
    Title transfer without benefit 12th Mar 17 at 10:40 AM
    Hello,
    I have checked other forums and can't seem to find any question similar to this and apologise in advance if this has been asked before hand. I have also checked the internet in general, but the advice is not what I'm looking for.

    My brother wants to help myself and husband to purchase a home . His salary with mine is enough to purchase a decent family property that we've seen. My husband is self-employed and is not in a position to finalise his end of year tax returns yet! The idea was for my husband to get the mortgage with me, and then to simply take over, (as in just have everything transfered over into his name.

    We were not planning on purchasing a property way above our means, but as my husband can't produce his tax return yet then we're a bit stuck!

    So my question is as follows:
    a) will it be possible for my brother to simply transfer the property and liability to my husband, and he will not receive any benefit in kind? we understand that for my brother to do that he will have his credit checked ie to make sure he is not deemed bankrupt etc .. I know ages ago this was possible, but not sure how possible it is today OR

    b) will my husband and I have to go through another mortgage assessment to determin our joint affordability? As in we would be assessed as if we are purchasing the property anew?

    c) Are there any 3 way mortgages around as a last resort?

    d) any other advice you could please give. Or i you have done this with a family member and what processes did you follow.

    I am happy to clarify anything if need be and I really appreciate your help. Again apologies if this is repeated somewhere!
Page 1
    • kingstreet
    • By kingstreet 12th Mar 17, 10:45 AM
    • 32,399 Posts
    • 17,395 Thanks
    kingstreet
    • #2
    • 12th Mar 17, 10:45 AM
    • #2
    • 12th Mar 17, 10:45 AM
    No.

    Yes.

    Yes.

    Obtain advice from an independent broker as there are options and you need detailed help.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ElinBert
    • By ElinBert 14th Mar 17, 10:51 AM
    • 2 Posts
    • 0 Thanks
    ElinBert
    • #3
    • 14th Mar 17, 10:51 AM
    • #3
    • 14th Mar 17, 10:51 AM
    Thank you Kingstreet that's useful to know.
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