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removing names of deeds
mick41
Posts: 1 Newbie
nearly 6 years ago i purchased parents house from council.
Our 3 names are at present on mortgage and deeds.
Due to parents age we have been advised to change it into my name solely.
It is me only paying mortgage on property, as i purchased as an investment.
Mortgage is only £52000 as of today.
There is also a secured loan on property as borrowed to put in new kitcher 3 years ago. Balance outstanding is £6000.
At present i have completed form with mortgage lender to change mortgage in my name only.
Secured loan has 3 names on it as 3 names where on mortgage at time.
How will this work with secured loan as am slightly confused as how this would work in removing names of deeds?
Cheers for any advice
Our 3 names are at present on mortgage and deeds.
Due to parents age we have been advised to change it into my name solely.
It is me only paying mortgage on property, as i purchased as an investment.
Mortgage is only £52000 as of today.
There is also a secured loan on property as borrowed to put in new kitcher 3 years ago. Balance outstanding is £6000.
At present i have completed form with mortgage lender to change mortgage in my name only.
Secured loan has 3 names on it as 3 names where on mortgage at time.
How will this work with secured loan as am slightly confused as how this would work in removing names of deeds?
Cheers for any advice
0
Comments
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This is a potentially complicated area and much revolves around the structure of the original purchase - my main area of concern would be potential deprivation rather than any CGT or IHT issues (but i m making a number of assumptions in saying that).
The secured loan will I suspect be unaffected by proposed change.
Who has 'advised you' to make the change and why ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Secured loan complicates matters. Ideally you need to clear this to consider effecting any change.0
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