Transfer of Mortgage Title

salruby

Hi people,

My first time in unchartered territory here but I do hope somebody out there can geuninely help my situation or in the very least point me towards the tunnel that has some light at the end of it. In March 2007 my father passed away. He has left some esate as part of his inheritance. I currently reside in 'my parents' home (my mother passed 13 months prior to my father). However, the mortgage was / is jointly in my elder brother & my late father's name as is the title deed ( I think). The house my brother lives in is in my name on the mortgage & title deed - this was how my late father had set it up before he died. Now, the situation is such that this was only done for the sake of paperwork as my brother has been living in his house for more than 5 years and Ive been living in my parents house for more than 20 years. Is there any way in which the mortgages & title deeds can be transferred between us brothers in a straightforwardish & simple way?? I.e his name on the mortgage & title for where he is currently residing & vice-versa??

Could desparately do with some help MSEs!!;)

seroxat_chick

Contact your mortgage lender/s and tell them that you want to do a 'Transfer of Equity' and they will send you the relevant forms to complete.

It's a similar process to applying for a mortgage from scrap though, in that they need to be satisfied that your salary is sufficient to afford the repayments ie the outstanding mortgage is less than 3x your salary.

They will almost certainly charge you a fee for doing this too.

janegal

Much more than just changing the ownership, you should look into the legal side of it.

You certainly have to check with your solicitor, once you are planning to divide an inherited state.

I am no expert, but I believe that there is more to it than just change title deeds - in the future, one of the spouses for instance, can claim that the estate haven't been divided properly or fairly between the siblings and this person (the spouse) feel that their children rights to that inheritance has been affected, etc...

You have to be prepared from a legal point of view as much as property ownership.

Good luck!!

salruby

Thanks for your help - I guess Im just trying to be prepared for all the q's & potential hurdles!! Nice one..

kissjenn

Are the house values and mortgages roughly the same or could one of you end up in a vastly different position?

DVardysShadow

Brother is agreeable to what you are trying to do?

getmore4less

You may have the added complication of CGT on the bits you and your brother own since they are not your primary residences.