Transfer of property ownership

chelmsford_2

Hi, i am looking to buy my second property and wondered if it was possible to transfer the ownership of my current property (which has an existing mortgage) to my parents as they wish to keep it as an investment. They would then hopefully be able to release the equity so that i could use that towards my deposit for house number 2.
A mortgage adviser told me it should be possible but could anyone else advise me of tax implications if any etc and would this be a better idea than actually selling them the property?

Thanks

sophiesmum_2

I wouldn't have thought this would be possible as technically the mortgage company still own the property so in order for your parents to have it in their name I would think that would mean settling the outstanding mortgage first. This is what i had to do when i signed over my half of house to ex.

fermi

MOVING THREADS FOR BETTER RESPONSES

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

Note: Wasn't sure if this would be best off here or in "House Buying & Selling". Please move again if appropriate.