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Removing name from mortgage
Rubi87
Posts: 15 Forumite
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
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
0
Comments
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sorry you need to be a bit clearer....
- You own one property ( lets call this PROP1 ) with Nephew
- You want to remove YOUR name from that Mortgage and Deeds.
- You want to buy a property of your own ( PROP2 )
- You have another property as well ( PROP3) ( so you have two at the moment ).
- You want to put your sisters name on the mortgage ( for which property? )
0 -
sorry you need to be a bit clearer....
- You own one property ( lets call this PROP1 ) with Nephew
- You want to remove YOUR name from that Mortgage and Deeds.
- You want to buy a property of your own ( PROP2 )
- You have another property as well ( PROP3) ( so you have two at the moment ).
- You want to put your sisters name on the mortgage ( for which property? )
0 -
Hiya, yes the above is correct. I would like to add my sister to property 1 with my nephew.0
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are there outstanding mortgages on the two properties?0
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Yes there are0
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