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Removing name from property and mortgage
shazkhan111
Posts: 621 Forumite
Hello, i own a property with a relative and need to remove their name from the deeds and mortgage. Due to their age the mortgage is due to be paid later this year. So want to change it to sole ownership and remortgage? What is the process of doing this and are their any pitfalls i need to be aware of?
Cost? Is there a stamp duty liability?
Cost? Is there a stamp duty liability?
0
Comments
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Hi @hellomortgage, you might not be aware, but promoting your own business via your signature - or registering as a user with a business account - is against the forum rules.
You might want to read the guide here and get verified before you get in trouble
https://www.moneysavingexpert.com/site/forum-faqs/?_ga=2.119130377.1069256204.1580578429-1199550776.1579038299#companies
That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
Unless this property is the relatives main residence they may be liable for CGT based on current market value.shazkhan111 said:Hello, i own a property with a relative and need to remove their name from the deeds and mortgage. Due to their age the mortgage is due to be paid later this year. So want to change it to sole ownership and remortgage? What is the process of doing this and are their any pitfalls i need to be aware of?
Cost? Is there a stamp duty liability?
0
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