Remortgage with Dad over 80 years

zoxsa

Hi,

I have a house in London that is 50% owned by me and 50% owned by my dad.

We need to get a remortgage on this property.

My mortgage broker said it is possible, but my dad's name has to come off the property. Its a situation I really need to avoid as that involves CGT.

He said it needs to come off as my dad's over 80, and banks do not lend with that scenario.

Who else can I ask? What can I do?

Is my broker wrong? Has anyone else been in this situation? Do you have any recommendations?

Thanks

bspm1

zoxsa wrote: »

Hi,

I have a house in London that is 50% owned by me and 50% owned by my dad.

We need to get a remortgage on this property.

My mortgage broker said it is possible, but my dad's name has to come off the property. Its a situation I really need to avoid as that involves CGT.

He said it needs to come off as my dad's over 80, and banks do not lend with that scenario.

Who else can I ask? What can I do?

Is my broker wrong? Has anyone else been in this situation? Do you have any recommendations?

Thanks

I recommend that you see a Solicitor and not keep starting threads on an internet forum asking nameless people for advice for goodness sake.

You also forgot to point out on this thread that your father has been claiming Pension Credit which he was not entitled to as no one informed the DWP that he in fact owns this second property you are now trying to remortgage.

DCFC79

I agree with the advice posted, get some proper advice from a solicitor.

zoxsa

I don't think this post requires a solicitor.

Its not related to the PC issue.

We need a remortgage. That's it. Why do I need a solicitor for? I need a remortgage.

Thrugelmir

Why do need a remortgage? Is the mortgage currently interest only? Many questions that only your mortgage broker has the information to.

WhenIam64

I don't think this post requires a solicitor.

Its not related to the PC issue.

We need a remortgage. That's it. Why do I need a solicitor for? I need a remortgage.

Leaving the PC issue aside, the answer is that any "removal of a name" from a title deed is a legal process and has to be done correctly. Also each party should have independent legal advice though it is not necessary.

A good place to get an initial free overview of the options is Age UK who have a number of advisors who can look at the facts of the matter and point both of you in the right direction.

[Deleted User]

zoxsa wrote: »

Hi,

I have a house in London that is 50% owned by me and 50% owned by my dad.

We need to get a remortgage on this property.

My mortgage broker said it is possible, but my dad's name has to come off the property. Its a situation I really need to avoid as that involves CGT.

He said it needs to come off as my dad's over 80, and banks do not lend with that scenario.

Who else can I ask? What can I do?

Is my broker wrong? Has anyone else been in this situation? Do you have any recommendations?

Thanks

Why do you need a remortgage on a house that doesn't exist except in your imagination?