Transferring ownership

Andrew_Ryan_89

Hey guys,

My mum owns a leasehold property and we are looking to transfer it over to my brothers name so he get a mortgage to pay of the remaining debt (interest only period has come to and end). I have been told in order for him to get a mortgage (mum is too old, credit is not that great either) he name must be on the property.

Is this something I can do myself or do I need to get a solicitor involved?

Also, as a second question, my mum has about 70 years left on the lease and is looking to extend it. The person who owns the freehold does not wish to extend. Someone told me that legally he has to listen to an offer or at least propose a price. Is there any truth in that?

Many thanks guys!

Pixie5740

Yes that is correct. For your brother to get a mortgage secured against the property he would need to be named on the deeds. Unless he is getting a joint mortgage with your mum then it is likely her name will have to be removed from the deeds completely.

Whilst there is a mortgage you cannot just go transferring names on the deeds. Your brother would essentially have to buy the property from your mother.

Your brother should consult a mortgage broker. Does he live in the property with your mum and will he be paying full market rate for the property?

G_M

If it was just a straight ownership transfer, you could DIY.

However, any mortgage lender will require a solicitor to place the Charge on the property, so you might as well employ the same solicitor to do the Transfer as well at the same time.

Don't forget SDLT - how much is the house worth and what's the mortgage?

Your mother should extend the lease first if she has owned the property for more than 2 years, otherwise brother will have to wait 2 years, and the cost will rise every year, as the lease shortens.

See leaseadvice