Gifting property

330d

I currently have a house which has got a 20% mortgage remaining.

I want to transfer this house to my mum but want to continue paying for the mortgage. 

Can this be done easily? Or will my mortgage provider do affordability checks on my mum? I hope not as I still be responsible for the mortgage .

Caz3121

who will be living in the property? is there something you hope to achieve from the transaction?

330d

My mum will be living in the property. I will not be. 

I am planning on buying my own property and therefore don't want to pointlessly be paying higher stamp duty for no reason.

greatcrested

Very few lenders will allow ownership to be transferred without the mortgage being paid off - and if necessary a new mortgage taken out in the name of the new owner.

But why do you want to do this? What is the aim?

The only reasons I can think of is

1) so you can deny ownership of a property asset and thereby become eligible for benefits of some kind

2) so that if you mother needs to go into a care home, she can sell the property to pay for her care (rather than have the local auhority pay) or

3) to increase her assets, so that if/when she dies, her Estate pays higher Inheritance Tax and thereby assists the government pay for adequate armed services

oldbikebloke

imr4n said:

My mum will be living in the property. I will not be. 

I am planning on buying my own property and therefore don't want to pointlessly be paying higher stamp duty for no reason.

you will be undertaking stamp duty fraud since you will remain the beneficial owner of the property even if not listed as its legal owner.