My Fathers Home

misters_2

Hi i dont really know how to start this, but my father is currently buying his house under the right to buy scheme, he has been tied into the local authority for three years his mortgage that he took out at the time was fixed for three years but now this is all comeing to and end next month and what my father would like to do now is to sign his home over to a member of the family.
What he wants to know is is this ok to do so? Would the mortgage have to be signed over as well this making the new owner a landlord to my dad and if this was the case how would this affect that persons benifits, this would be scottish law, i hope i have covered everthing here if not just ask for what information you would need. So the questions are:
Can My father sign his house over to a member of his family?
Will that person be best to take over the mortgage and act as a landlord to my dad?
Would that affect that persons benifits?

UK007BullDog

Sorry cannot give advice on Scottish law and mortgages.
However he needs to speak to his present lender, he also needs legal advice and he might even have to prove he had legal advice before the lender goes ahead with any transfers.
He might also need to speak to a broker as the current lender might not like the arrangement and will refuse.
The person taking on the mortgage must have enough income to support the mortgage and any other mortgages or loans they might have.
Most lenders do not like a relative living in a property they lend on.

So:
1. Speak to current lender
2. Speak to a broker
3. Get legal advice

misters_2

Should he do it in that order or should he seek legal advice first,

He did get legal help when he purchased the and at that time they didnt think there would be any problems, but as the time goes on i'm not that sure now.