Change Of Deeds

croyland87

Hi there everybody I I have a question I need to ask which I am not sure of. I bought a house with my father in 2006 on a interest only mortgage now my dad is 65 and I am 28 years the department of work and pension pay around about £220 a month towards the mortgage for my dad and also we only pay half of the council tax.

Now I want to remortgage the house and want to take my dad off the deeds and mortgage and leave the house just in my name which he is quite happy to do because when we bought the house we never gave a deposit it was %100 and plus he has never gave anything on the house apart from the DWP payments. How do I do all of this the mortgage payments will stop what about council tax benefit as he will still be living with me. Thank You

TBagpuss

You will need to speak to a solicitor about changing the deeds, and so will your dad, as (on paper at least) he will be giving you a valuable assets (50% of the equity)

Your new mortgage lender will require your dad to sign a declaration o say that any interest he may have in the house is subject to their charge (so they can evict him in the event that you went into arrears and were reposessed)


I am not sure about the council tax position and suspect that this will depend on what your Dad's status is after the property is transferred. - e.g. whether he is deemed to be your lodger, or what.

The simplest thing to do would be to contact DWP and ask whether he would be entitled to any council tax benefit if he is living in a property owned by you and occupied by both of you.

croyland87

TBagpuss wrote: »

You will need to speak to a solicitor about changing the deeds, and so will your dad, as (on paper at least) he will be giving you a valuable assets (50% of the equity)

Your new mortgage lender will require your dad to sign a declaration o say that any interest he may have in the house is subject to their charge (so they can evict him in the event that you went into arrears and were reposessed)


I am not sure about the council tax position and suspect that this will depend on what your Dad's status is after the property is transferred. - e.g. whether he is deemed to be your lodger, or what.

The simplest thing to do would be to contact DWP and ask whether he would be entitled to any council tax benefit if he is living in a property owned by you and occupied by both of you.

Why would the new mortgage lender want anything to do with a 65 year old pensioner when he is not going to be on the mortgage or deeds and how does that affect me in the future. I do not think the DWP should have a problem because they are going to save money by not paying the intrest. Thank You

Mojisola

croyland87 wrote: »

I do not think the DWP should have a problem because they are going to save money by not paying the intrest. Thank You

If your father is getting any means tested benefits the DWP will be interested because your father owns part of the house. They will want to know how much capital he will have after he sells his share to you and will want to check whether he is still entitled to his benefits.

ethank

Council Tax benefit will cease to be paid if you become the sole owner - according to the CT rule - hierarchy of liability.

The person at the top, or nearest to the top, of the hierarchy is the liable person. Two people at the same point of the hierarchy will both be liable.

1. a resident owner-occupier who owns either the leasehold or freehold of all or part of the property
2. a resident tenant
3. a resident who lives in the property and who is a licensee. This means that they are not a tenant, but have permission to stay there
4. any resident living in the property, for example, a squatter
5. an owner of the property where no one is resident.

croyland87

My dad wants nothing from the house he just wants to trsnfer it into my name as am aware the house is valued at £185000 and there is a £15500 mortgage remaining.

Mojisola

croyland87 wrote: »

My dad wants nothing from the house he just wants to trsnfer it into my name as am aware the house is valued at £185000 and there is a £15500 mortgage remaining.

What he wants won't count for anything if he is claiming means tested benefits - giving away capital isn't acceptable.

croyland87

I am worried that my mother who does not live with me and my dad has Parkinson's Disease and is going to get back together with my dad soon and move in with us because she cant care for her self and eventually in the future will need to go into care home.

I am also worried about my dad that if he ever needs to go into care in the future what about then where will I take my family its like I am stuck all round.That is why I want to take my dad off the mortgage and Deeds for a secure future which ever way it hits me. Thank you