Removing name from mortgage

Rubi87

Hi Everyone,

Just after some advice please. I purchased a property with my nephew a few years ago (he lives there with his parents) and I would like to remove his name to purchase a property of my own. (I have another one solely in my name) and my sister will be putting her name on the mortgage. I called nationwide who advised this is ok to do just need put in a new application. However my concerns are does this class as buying / selling and will we be liable for stamp duty / CGT? I’m unclear or the rules and not to sure who can provide me with correct advice.

many thanks 

DE_612183

sorry you need to be a bit clearer....

1. You own one property ( lets call this PROP1 ) with Nephew
2. You want to remove YOUR name from that Mortgage and Deeds.
3. You want to buy a property of your own ( PROP2 )
4. You have another property as well ( PROP3) ( so you have two at the moment ).
5. You want to put your sisters name on the mortgage ( for which property? )

DE_612183

sorry you need to be a bit clearer....

1. You own one property ( lets call this PROP1 ) with Nephew
2. You want to remove YOUR name from that Mortgage and Deeds.
3. You want to buy a property of your own ( PROP2 )
4. You have another property as well ( PROP3) ( so you have two at the moment ).
5. You want to put your sisters name on the mortgage ( for which property? )

Rubi87

Hiya, yes the above is correct. I would like to add my sister to property 1 with my nephew. 

DE_612183

are there outstanding mortgages on the two properties?

Rubi87

Yes there are