Transfer of equity question

torro_2

Hi there,

Quick question. My and my dad share ownership of a house. Both inherited from our grandfather. As it is a residential property, it is stopping me buying my own residential house by using help-to-buy scheme as that is all i could afford. We both currently lived at the shared ownership property.

If I transfer equity over to him, is there some legal method I can ensure that the house goes over to me in some morbid eventuality. The plan is for to have it but I worry that if I take my name of the property, then I'm stuffed and lose inheritance.

Thanks.

Nebulous2

Is your Dad working?

With reasonable income and no adverse credit history?

If so he could take out a mortgage for half the value and buy you out. Then he can leave the house to whoever he wishes. It would also open up your option for alternative and possibly better mortgage deals as you wont need help to buy.

torro_2

No unfortunately he doesn't have a great income. He's around 65.

The mortgage left is £50K. Could I use my name as a guarantor to secure him the house or do you think this option is not feasible?

amnblog

Not if you want Help To Buy.

Help to buy is there to help first time buyers, not those who own their own home (all be it with Dad)