Co owner with mum

looneymetal

Hi guys,

If you could give me some information it would be much appreciated. 6 years ago I bought a house with my mum and wer're both on the deeds and named on the mortgage. I basically pay all the mortgage and insurances etc. My mother wants to sign the house over to me what's the best route to go down? She's 60 and just doesn't want the stress of being a home owner, is just happy to live carefree (with regards to rent) with my disabled father.

Thanks,

Sven

ACG

If there is still a Mortgage, you may struggle.
Most mortgage lenders do not like properties being let (either with or without rent) to family members. There are some exceptions but its probably worthwhile speaking to a broker as most high street lenders would not be interested.

looneymetal

Still have mortgage in place for another 9 years, but just don't the complications of what happens if my mum gets poorly etc. So just wondering way to single own from the current co ownership

Mojisola

looneymetal wrote: »

6 years ago I bought a house with my mum and we're both on the deeds and named on the mortgage.

I basically pay all the mortgage and insurances etc.

looneymetal wrote: »

Still have mortgage in place for another 9 years, but just don't the complications of what happens if my mum gets poorly etc.

So just wondering way to single own from the current co ownership

If you are paying the whole mortgage, why are you worried about your mother's health - if she's not contributing now, not being able to work won't affect the mortgage repayments.

Are you 'joint tenants'? If not, does she have a will leaving her share of the house to you?

Do you have a will in case you die before her?

amnblog

Are you all living together or do you live elsewhere? The answer to that question greatly effects you options but this can be managed with the right advice.

davidmcn

looneymetal wrote: »

I basically pay all the mortgage and insurances etc. My mother just doesn't want the stress of being a home owner

What stress, if she's not paying the bills anyway?

looneymetal

i pay the mortgage (entirety) but do live elsewhere. She just said she would like to come off the deed so that its solely in my name. I'm not fussed in all honesty. She just wants to concentrate on my dads health and have me take care of everything else, she sees wills etc and stressful. Just trying to make it as easy as possible for everyone involved.

elsien

So mum and dad are living in the house and not paying anything towards the mortgage but you live elsewhere? (Just to clarify I've understood correctly).

looneymetal

Yep, I bought it with my mum and then my dad become worse (ill) so I took on the house and all bills for them to take pressure of them with finances etc. I think she wants me to have house fully in my name as a thank you (not said that but that's the feeling I get).

Alter_ego

Why doesn't she will it to you then?

looneymetal

Is that the easiest option? I've said that but she says she wants to give it to me now but I said I don't think it's that's simple.