Parent want to transfer house to son.

eddie183

Hi everyone

This is my first post i really need ur help hope someone has got the advise im looking for.

My parents want to transfer the house they own onto my name. I already own 1 house.

We do not have any money for a deposit.

My parents house still have an outstanding mortgage of 10k.

Can we get a mortgage on my name which will allow to pay off the outstanding mortgage that my parents have and also require zero deposit from myself??

I am confused and not sure what to do.

Fire_Fox

The easiest route would probably be to extend the mortgage on the house you already own by £10K. Why do your parents want to give you a house you don't need? Will they still expect to live in the house? If the purpose is to avoid paying for state care later in life or to claim other state benefits you should be aware of the 'deprivation of capital' rules. You having a second property will make it impossible to claim any means-tested benefits yourself.

eddie183

My parents want to give me the house so they can buy another. They can not afford any money for a deposit and feel that selling or transferring the house to me will allow them to buy a new house

eddie183

Fire_Fox wrote: »

The easiest route would probably be to extend the mortgage on the house you already own by £10K.
QUOTE]

Could you expand on that please?

BitterAndTwisted

What equity do you have in the house you own now and could you remortgage to raise the 10k?

If your folks can't afford a deposit on a new home why on earth are they considering buying a property without selling the one they do own?

There's much more to this that meets the eye, I think