Title and mortgage change without selling??

paul_buzzby

Hi,

I own a flat in my name only along with a mortgage on the property. Mortgage value is somewhere 50%-60%LTV.

Also own a house with the wife.

We are getting a divorce and the simplist thing we can think to do is remove her name from the house and mortgage (my salary easily allows for this) and then put her name against the flat. She can easily afford repayments.

The desired end result is that I own the house, she owns the flat. mortgage values stay the same.

The question is can this be done without "selling" the flat, as it looks like it might be the gifting property to a family member type approach. The only think I am very confused about is how the mortgage would work.

Side question but might be for the wrong forum. As long as this is done as part of the divorce rather than after there should be no CGT to pay?

Thanks for the help

MoneyGeoff

You can't simply change names on a mortgage, you need to pay off the mortgage on the flat and she needs to apply for a mortgage in the usual way.

You can change the names on the deeds if the mortgage lenders agree. No stamp duty to pay since you are married. You'd be better of asking on the House Buying, Selling forum.

paul_buzzby

Thank you. I will ask in the house buying forum