Transferring 25% of house to Father. Scotland

Legacy_user

Does anyone know how this is done. House is mortgaged at the moment, I own it.

booksurr

either - pay off the mortgage in full and then complete the relevent transfer forms at the scottish property register

or - seek permission from your lender to add father to the deeds if you cannot pay off the mortgage. Father may or may not be acceptable to the lender but you cannot make him an owner without their permission since he will then become liable for the mortgage. All of the mortgage not just 25% of it!!!!

agrinnall

What is the reason for wanting to make the transfer? I'd say there's a good chance that doing so will raise more issues than it solves.

davidmcn

booksurr wrote: »

or - seek permission from your lender to add father to the deeds

Or remortgage to a different lender and do the transfer at the same time.

System

Ok, so I am still a bit confused about this..

Do we just contact the mortgage provider and say I want my Father to own 25% of the house?

And that's it?

Or once the mortgage is paid, do we also need to transfer 25% to him via the Scottish property register?

booksurr

berbastrike wrote: »

Ok, so I am still a bit confused about this..

Do we just contact the mortgage provider and say I want my Father to own 25% of the house?

And that's it?

Or once the mortgage is paid, do we also need to transfer 25% to him via the Scottish property register?

presumably you do understand how mortgages work?

as stated above, you father will be liable for the whole mortgage, not just 25% of it. Therefore, your lender will assess whether he can afford to pay the mortgage if, for any reason, you stop paying it. You don't just make him a 25% owner. Your lender decides if they will allow you to or not, it is called adding another person to the mortgage

7 easy steps on what to do...
http://www.wikihow.com/Add-Someone-to-Your-Mortgage


if your mortgage is paid off you don't need the lender's permission so you can add anyone you want. Can you afford to clear your debt or not is therefore the key question?????

System

There is around £50k left on mortgage, £200k property.

So if I died, he may be liable for the mortgage, but he would own the mortgage so could sell it for £200k, and pay off the £50k balacne.

booksurr

berbastrike wrote: »

There is around £50k left on mortgage, £200k property.

So if I died, he may be liable for the mortgage, but he would own the mortgage so could sell it for £200k, and pay off the £50k balacne.

looking back at OP's history it is clear he is a serial troller. GOODBYE.