Changing mortgage into another name

nzmegs

I am hoping someone can help here.
I took out a mortgage a few years ago as a favour to my mother in law. She would have had trouble getting a mortgage and wanted to move to be closer to us. I bought her house in my name, with her money and she has always paid the mortgage through me without any problems.
I am aware that if she wanted to sell I would be liable for capital gains tax even though no profit has been made by me personally. I am a low wage earner and hopefully the tax will be fairly low. Some work has been carried out on the house which should write off a portion.
I would like to simplify this situation and change the mortgage into her name so that there are fewer complications in the long run. For example if she dies, or I do or if she wants to move.
Can this be done easily? Can I gift it to her? Would she have to get a mortgage herself (which she may find difficult)? Anyone know? Thanks

Conrad

To transfer the asset awy from yourself the existing mortgage will have to be repaid. Presumably the only way you can fund this is with a new mortgage which will of course have to be in her name.

If she cannot get a mortgage you might want to consider her taking a buy to let mortgage but if the place burns down there could be implications following an insurance investigateion; IE - the risk insured would have to match the reality of the claim.

silvercar

You should be able to convince the revenue that the property was only put into your name to facilitate the mortgage. In actuality the home has been your MILs all the time.

As it stands, if she dies, the property is already yours.