About to pay off mortgage - want to put deeds in one name

knocklyon

Hi,
Ive a mortgage with Abbey that I want to pay off soon. For technical reasons (ex Local authority), I had to have mums name on mortgage; although she never lived at property or paid any mortgage.

Query is whether to put property into my name BEFORE paying off mortgage or after. Would it make any difference? Think i pay Abbey a fee to do this.

Have wondered about paying off mortgage for about a year but as rates are so bad for savings now, decided its better to use money to pay off mortgage! Less than £20k.

Any advice welcome!

Cannon_Fodder

Changing ownership of ex-local authority properties has to follow certain timings/procedures, especially if there was any 'right to buy' discount, or for particular types of property.

You cannot change the name. Your mother may be able to do so, subject to those rules. Any/some discount may be repayable, for example.

Effectively 'giving' the property to you could cause your mother to fall foul of deprivation of assets rules, or have tax implications.

Seek expert advice, i.e. from a solicitor/accountant, as the 'technical reasons' may have implications, too.

knocklyon

Thanks. Guess it may be easier to pay off mortgage in both our names, then make changes via Land Registry??

getmore4less

Cannon_Fodder wrote: »

Changing ownership of ex-local authority properties has to follow certain timings/procedures, especially if there was any 'right to buy' discount, or for particular types of property.

You cannot change the name. Your mother may be able to do so, subject to those rules. Any/some discount may be repayable, for example.

Effectively 'giving' the property to you could cause your mother to fall foul of deprivation of assets rules, or have tax implications.

Seek expert advice, i.e. from a solicitor/accountant, as the 'technical reasons' may have implications, too.

RTB and never lived there is that possible?

How would it work for an asset(joint owned and lived in by other owner) that the LA could never get their hands for care unless the child died?