Help Please - Advice on Transfering Property

sp00ky

Hello

I am confused and getting conflicting information from different solicitors I have spoken to regarding transfering a freehold property into my name.

Situation is as follows:

1. I own my own home jointly with my wife - owing less than 100k on mortgage.
2. My Brother in Law has just bought a property for approx 275k, Mortgage on property remaining is about 130k.
3.He would like to transfer the prorperty in my name provided I help him pay the mortgage off. I can give him 90k towards it and he'll raise the remaining. So mortgage and hassle free.
4.He runs his own business, and does not have any debts.(apart from this mortgage)

What I would like advice on is the following:

1.Can I legally take ownership of the property?
2. Whats the best way.? total ownership or joint?
3.What if he goes bankrupt?
4. Could I just give him the money tomorrow to pay of his mortgage and once deeds are in his name he transfers to me?
5.Will indemnity insurance work if after I had the property transfered to me (fully or partially) and he goes bankrupt.
6.Is there Stamp duty payable?

Any advice help / direction/ best way to do this safely, would be highly appreciated. I have spoken to about 8 solicitors explaining the situation and they all tell me something different.

Thanks and look forward to your help

poppy10_2

I don't really understand what you're trying to do. I I've got this right, you will pay off £90,000 of the remaining mortgage, and he will put in the remaining £40,000. Will this be an immediate cash payment or are you just agreeing to make £90,000 of monthly mortgage payments? And why is your brother letting you have the property all in your nae when he is putting 40k in?

sp00ky

Thanks for the reply Poppy.

In order to be mortgage free I will pay off the mortgage from my savings, so no mortgages involved whatsoever.

As for why is he letting me have the property- cos we are family and I have helped a lot in the past. He appreciates me.:A

Advice welcome

Captain_Mainwaring_2

sp00ky wrote: »

Thanks for the reply Poppy.

In order to be mortgage free I will pay off the mortgage from my savings, so no mortgages involved whatsoever.

As for why is he letting me have the property- cos we are family and I have helped a lot in the past. He appreciates me.:A

Advice welcome

Yes of course "what if he goes bankrupt" gives the game away.

I'd expect that the OR would reverse the sale.

poppysarah

Hiding equity (Or even when you loe the equity when prices fall) and your brother and you fall out will cause you huge problems.
Tell him to sell his house and use the equity he has to buy something outright. Or pay his debts to avoid BR.