how can my dad transfer the mortgage/ house in to my name?

rach101225

Hi, can anyone help?
My father has purchased a property for me in his name ( his name is on the deeds), however i have the responsibility ( agrement between me and my father) of paying the mortgage, and i pay this to him every month, and then he pays the mortgage company, however as his name is on the deeds ( due to myself having difficulty getting a mortgage), i am wanting to know if i pay the full amount to him in 5 years, which is the plan, and the house is mortgage free, ( the house was a repossesion and was sold to him at an extremly low cost), what happens then??, can he sign the house over to me without it costing me any "gift taxes" etc? how will he transfer the house in to soley my name, without me having to pay any of the taxes i hear about as i would have ( not on paper) paid the mortgage fully?, also is there anything he can do to sign the house over to me before its paid off? or put my name on the deeds before its paid off?, i would be grateful if anyone could shed some light on this matter.

Kind Regards
Rachael

getmore4less

Is there such a thing as gift tax?
You might be thinking of inheritance tax.

Any gifts that are not covered by the immediate excemptions are potential tax free(giver needs to survive 7years), but it is the givers estate that has the tax liability not the reciever.

You will need to take advice on the Stamp duty since your gift of cash/mortgage payments to your dad is tied to his gift to you of the house so there are considerations that attract stamp duty.

I don't think this is really a gift situation you are buying the house off him.
If the value is low enough then stamp duty should not be an issue

yelf

CGT may be an issue