Add/remove names on house deed

Nj04

Hello, I am on a house deed with my mum and I pay the mortgage for it. My mum wants to remove her name from the deed and instead add my 23 year old brother. He will eventually start helping me with the mortgage. Is this transfer possible? And any issues adding a young person to the house deed? Thanks

Keep_pedalling

Who lives in the house?

Thrugelmir

Who is named on the mortgage currently?

Tiglet2

As long as one of the persons named on the title deeds will be remaining as a proprietor, you can do a Transfer of Equity to remove your mum and add your brother. Talk to a conveyancing solicitor to find out about the legal aspects, i.e. brother may have to pay stamp duty, your mum may have to sign documents confirming that she is solvent etc.

unforeseen

You also need to discuss it with your mortgage lender. Most don't like a difference in names between deeds and mortgage

silvercar

Does your 23 yr old brother understand the implications of being a home owner? Of being named on the mortgage?

Tom99

[FONT=Verdana, sans-serif]The mortgage co will need to approve your mother's removal from the mortgage deed and that may depend on whether you and your brother's income can support the mortgage.[/FONT]
[FONT=Verdana, sans-serif]There will be stamp duty implications and maybe capital gains tax if your mother does not live in the property.[/FONT]

Nj04

My mum, brother and father. I used to live there and moved out. But still help pay the mortgage.

silvercar

Nj04 wrote: »

My mum, brother and father. I used to live there and moved out. But still help pay the mortgage.

If you want to obtain a mortgage on your own place in the future, this will impact on your mortgage application and the stamp duty on the new place.

Also if your share of the mortgage on this place is greater than £40,000 you could have sdlt to pay as this isn't your home.

Keep_pedalling

Why on earth would your mother risk her and her husbands security by giving the equity in her own home away?

AnotherJoe

I think we all know the answer to that

Most likely yet another stoopid amateur attempt at avoiding care home fees that will do nothing of the sort and instead backfire by lumbering the children with additional and needless taxes well before any question of care home fees happens, which statistically it is unlikely to anyway.