Gift mortgaged property to sibling

sociable7

I need advice on selling my house but from people who are sure please.


I bought a house a couple years ago. My brother 'gifted' (he loaned me it with intention that he'll get it back when the property is sold) me the deposit. Now I'm moving out and I want to give the house back to him. What are my options?

Is it possible to just change the name on the deeds? I guess not since its got a mortgage. Would he have to buy it off me? But I don't want any money out of it.

Any advice on how to put house on his name?

Thanks

00ec25

sociable7 wrote: »

Is it possible to just change the name on the deeds? I guess not since its got a mortgage. Would he have to buy it off me? But I don't want any money out of it.

Any advice on how to put house on his name?

since it appears the mortgage is in your name then very obviously you cannot alter the ownership of the property without permission from the lender and the lender will require your mortgage to be ended, ie. repaid

how you find the money to repay it without your brother buying it from you for money is your problem.

sociable7

So the only way you can gift a property is if you own outright?

sjbrun

Yes that!!!8217;s correct because it!!!8217;s not your house to give unless you own all of it.

G_M

Well if the mortgage lender agrees to transfer the mortgage from your name to your brother's name, then no problem.

Have you asked?

But few will do so. More likely your existing mortgage will need to be paid off. If you have the cash, you could pay it off yourself.

If you do not have the cash, your brother could pay off your mortgage for you. He could do this either by paying cash (if he has it) or by taking out a new mortgage himself.

Pixie5740

When you say you want to give the house back to your brother did he used to own it?

How do you plan on repaying the mortgage if you give the house to your brother, not that the lender would let you do that anyway.

Can't you just sell the house which means you'll repay the mortgage and your brother assuming there's enough equity?

sociable7

Pixie5740 wrote: »

When you say you want to give the house back to your brother did he used to own it?

How do you plan on repaying the mortgage if you give the house to your brother, not that the lender would let you do that anyway.

Can't you just sell the house which means you'll repay the mortgage and your brother assuming there's enough equity?

No. He lent me it to buy a house. But on paper it was a gift. Of course he has no equity or interest in the property but I'm not a !!!!!. Now I don't need the house. He was also paying the mortgage.

I didn't want to sell it and him buy it because we might look at £5k of fees. Rather avoid them. I think there's something called equity gift.

Asl77c

I!!!8217;m not following at all. Your brother lent you money to buy a house, and then he has also paid the mortgage for the house. How do you even own it and him not? What exactly do you have staked in it as from what I gather you haven!!!8217;t paid anything towards the house purchase at any point?

GrumpyDil

How do you get 5k of fees?

Keep_pedalling

Go down the simple route sell it and give him his money back, plus any additional equity gained.

ScorpiondeRooftrouser

What does he want to do with it? Live in it? Rent it out?

If he is paying the mortgage, is the mortgage in your name or his?