Transferring right to buy home to sibling

gunner786

Hi guys need some advice here.
we bought our ex council house in december 2015 in my mum's(the tenant) and my sisters name.Â*
My sister is now getting married and moving out so we want to take her name out of it totally (mortgage + deeds) and put mine instead while leaving my mums name in there.
She is not making any profit as we only used her nane to buy it because if her income. The mortgage is £86000 with 9 years term left due to my mums age. Will we have to repay some of the discount as its in the 5th and final year? What is the process cos im totally clueless how to do this. Do i go to a solicitor or a mortgage adviser?

Tom99

I would 1st approach the existing mortgage co to see if they will accept you as a replacement for your sister on the mortgage and title.
Presumable you still live with your mother?
Remember that as soon as you become a part owner of the house you will loose your first time buyer status for stamp duty purposes (if than is of concern) and will pay an extra 3% stamp duty if you buy your own house whilst still owning a share of your mother's house.

G_M

https://righttobuy.gov.uk/wp-content/uploads/2019/04/CCS146_CCS0319849482-001_RTB_Summary_Booklet_2019-CROP-FOR-WEB_optimised.pdf

IF YOU SELL WITHIN 5 YEARS: you will usually have to repay some or all of the Right to Buy discount – the amount depends on the price you sell at and how long you have been the owner. This also applies if you agree to transfer ownership to somebody else.

DCFC79

gunner786 wrote: »

Hi guys need some advice here.
we bought our ex council house in december 2015 in my mum's(the tenant) and my sisters name.Â*
My sister is now getting married and moving out so we want to take her name out of it totally (mortgage + deeds) and put mine instead while leaving my mums name in there.
She is not making any profit as we only used her nane to buy it because if her income. The mortgage is £86000 with 9 years term left due to my mums age. Will we have to repay some of the discount as its in the 5th and final year? What is the process cos im totally clueless how to do this. Do i go to a solicitor or a mortgage adviser?

My first step would be to read any documentation I had as part of the help to buy scheme.

G_M

DCFC79 wrote: »

My first step would be to read any documentation I had as part of the help to buy scheme.

Or duckduckgo it. Took me 30 seconds to find that link!

xylophone

https://forums.moneysavingexpert.com/discussion/comment/74307989#Comment_74307989

has more information.

gunner786

xylophone wrote: »

https://forums.moneysavingexpert.com/discussion/comment/74307989#Comment_74307989

has more information.

Different situation. That was about taxes this is repaying discount and wether its possible in 1st 5 years

xylophone

Different situation. That was about taxes this is repaying discount and wether its possible in 1st 5 years

You did mention CGT in the above but you also gave information about purchase, ownership, residency in the property etc......

unforeseen

Is sister happy with this?
Aren't you going to compensate her for losing her FTB status purely because you needed her income for the mortgage?
I would think that she would be entitled to a share of any price difference between when it was bought and now.
Will you and your mother be able to get a new mortgage?

gunner786

unforeseen wrote: »

Is sister happy with this?
Aren't you going to compensate her for losing her FTB status purely because you needed her income for the mortgage?
I would think that she would be entitled to a share of any price difference between when it was bought and now.
Will you and your mother be able to get a new mortgage?

Yes she helped us out and i will therefore pay her stamp duty in future.
Yes i csn now get a mortgage