Helpful info needed for 2nd (but primary home)

looneymetal

Hi guys, any info/help would be much appreciated.
I'll try to give as much details as possible:

Basically my parents were in a council house and I helped them buy the house on the right to buy scheme. My dad is disabled and so was unable to go on a mortgage.
My mum is unemployed and takes care of my dad. The mortgage is in both my name and my mothers but comes out of my account. Both our names are on the deeds.
I don't live in the property, infact I'm renting in essex (house is in midlands)

I'm now looking to buy a place with my girlfriend and am left really frustrated. I've looked at taking some money out of the property for another. Looked at the new schemes out and I can't seem get away from needing at least 30% deposit (which on the prices around here is impossible)

Would taking my name off the deeds help the situation at all or is having a mortgage the main sticking point?

BobQ

When you say you helped them and that the mortgage is in the name of you and your Mum, are you saying that the house is owned jointly by your mother and you (you mention your name being on the deeds). Are you tenants in common or joint tenants?

How long has the house been mortgaged under this arrangement?

What are the conditions in your right to buy contract? Do they prevent selling or part selling the house?

When you say take your name off the deeds you mean sell your share in the property? If this is allowed by the right to buy contract then you probably can if you pay off the mortgage but my impression is you cannot afford to do that.

I cannot see a mortgage holder (the council?) allowing this change since you imply that your Mum cannot afford the mortgage without your contribution (is that still the case?). If you remain on the mortgage then this will still be a debt that is factored into anything else you want to do financially.

Another consideration is that if you were allowed to transfer the ownership to your mother, as you do not live there you may incur capital gains tax.

looneymetal

BobQ thanks for taking the time to read through and comment.

Well on purchase of the property I did live there but since then i have taken a job in Essex and have been renting since. I feel my life is down here now and therefore my parents will be the only ones occupying the property.
At the time of purchase I guess we were infact joint tennants. The mortgage advisor at the time said that I wouldn't have an issue if me and my gf wanted to buy in the future due to wages and the mortgage repayments being so low.

The mortgage has been running for just over 2 years and the conditions of the right to buy is that we would suffer a penalty if the property is sold within 5 years of purchase.

By take my name off the deed I mean leave my mother as the sole name. Again this is through feedback from new build schemes, where they suggest my name on another property makes me ineligable (but by taking my name off I would be)

I read whilst researching on the net that you can pay a mortgage on a property without being on the deeds (therefore having no legal right) so was hoping the mortgage side of things would be left unaffected.

Cheers.