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Removing Name from Parent's Mortgage

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Comments

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    CGT = capital gains tax. A possibility you may be liable to this having disposed of your share of the property.
  • pxhan
    pxhan Posts: 9 Forumite
    BoGoF wrote: »
    CGT = capital gains tax. A possibility you may be liable to this having disposed of your share of the property.

    We've not had it mentioned to us. Would this still be applicable if my mother is not selling the property? I'm just wanting to remove my name from it. Thanks
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    pxhan wrote: »
    We've not had it mentioned to us. Would this still be applicable if my mother is not selling the property? I'm just wanting to remove my name from it. Thanks

    Who do you expect to mention it to you?

    Money doesn't have to change hands. You will have been deemed to have disposed off your share of the property at market value. Depending on how much it has increased in value and how long you lived there there is the potential for tax.
  • pxhan
    pxhan Posts: 9 Forumite
    BoGoF wrote: »
    Who do you expect to mention it to you?

    how long you lived there there is the potential for tax.

    I haven't lived at the property for around 4 years now but this will obviously be something I need to look into. Thanks
  • kingstreet
    kingstreet Posts: 39,316 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Presumably you are party to the ownership as well as the mortgage?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pxhan wrote: »
    I will get my mum to speak to them and see if this will suffice.
    My mother has been dealing mainly with the process.

    Perhaps this is the source of their concern.
  • pxhan
    pxhan Posts: 9 Forumite
    Thank you all for your comments and advice. I will bear this in mind when going forwards and consider having a solicitor represent me for the rest of this process.
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