Bought from local authority, need to transfer to my partner

goingoverseas

Not sure how to put this.

Recently bought my property from the local authority. The mortgage is in my name.

Im moving overseas for work, not permanently, but i'll be away a while.

For safetys sake i want to transfer the place into my partners name, just in case anything happens to me. I do have a will but it would be easier all round if the house was hers.

Will i need to notify the local authority, technically im not selling, im transfering to another person.

Does anyone have any experience of this situation and can they give any advice please.

Im in scotland if that could make any difference to the outcome.

Much appreciated

dmg24

Don't know whether being in Scotland makes a difference, but in England you would need to notify the LA. Although you are not selling in the traditional sense of the word, you are transferring the equity in the property.

Was your partner a party to the previous tenancy?

brummybloke

you need to check the terms and conditions of your original purchase agreement. i was under the impression that you cant change it or sell it to anyone for a fixed amount of time (2 or 3 years?). otherwise people would buy up all the council houses for way under the market value and sell them on for profits. by changing ownership you may find that you then must pay the full market value of the house back to the council.

goingoverseas

just to clarify, when you buy from the local authority, if you sell within a fixed 3 year period you have to give them back a percentage of the profit.

Hence my query, will they see this as a sale?

The partner only moved in when i bought the place, so couldnt be added to the deeds when bought from the council.

goingoverseas

brummybloke wrote: »

you need to check the terms and conditions of your original purchase agreement. i was under the impression that you cant change it or sell it to anyone for a fixed amount of time (2 or 3 years?). otherwise people would buy up all the council houses for way under the market value and sell them on for profits. by changing ownership you may find that you then must pay the full market value of the house back to the council.

that was my thinking brummybloke, i was just wondering if anyone on here had been in a similar type of situation and could advise.

cheers

goingoverseas

dmg24 wrote: »

Don't know whether being in Scotland makes a difference, but in England you would need to notify the LA. Although you are not selling in the traditional sense of the word, you are transferring the equity in the property.

Was your partner a party to the previous tenancy?

no my partner only moved in once i bought the property, at that point it was financially better for both of us if she wasnt on the tenancy. Things changed and she moved in.

It would be a transfer but will it be classed as a sale, emailing from work so will check the paperwork when i get home

brummybloke

goingoverseas wrote: »

no my partner only moved in once i bought the property, at that point it was financially better for both of us if she wasnt on the tenancy. Things changed and she moved in.

It would be a transfer but will it be classed as a sale, emailing from work so will check the paperwork when i get home

my mums friend purchased her home and died 14 months later, the house was passed down to her children however the house had to be revalued at the rate of a private house and the estate had to reimburse the local authority for the difference between what was paid and how much it should have cost on the open market.

this was in england though, about 6 years ago.

i would keep it in your name even if you were not going abroad. putting someone else on the mortgage or deeds ( you wouldnt be able to transfer ownership without your mortgage providers permission anyway). if you paid fr it, keep it in your name until you are married, otherwise you opn yourself up to a world of expence and pain.

goingoverseas

its for her peace of mind also.

I have a child by an ex partner and the csa are involved.

Last year i was assessed at a stupid amount, with them landing me a with a lump sum amount of close to 10 grand.

Apparently they took my monthly income as my weekly income and back dated it about 5 years.

It took them 5 months to sort it out.

Lets just say the stress of it all almost broke us.

I dont want the same problem when im out there and have little chance of being able to sort it. I'll be working away from civilisation for most of the time, with little access to phones or internet.

I dont want to come home to find my house reposessed because someone put the decimal point in the wrong place.

Hence i'd like it sorted. for her and for me.

brummybloke

but at the same time you also dont want to come home and discover your mrs has 'moved on' and sold the house, or moved someone else in.

not saying it will happen but if you are away for that amount of time with no contact then it could happen.

change your bank accounts and have the csa come out fof a saving account maybe? as for transferring the house, you may find it ill cost a lot of money and then you are relying on the goodwill of you partner.

unless there is some chance that someone is going to seize all your assets, through either bad debts or crime, i cant see any reason why you should change the deeds, a will makes provisions incase something happens to you, as does life insurance.

spinks

I'm not sure about Scotland but I know our LA will give permission for another person to be added to the deeds within the pre-emption period as long as the person with the initial RTB is not completely removing themselves from the deeds.

Therefore they would allow you to transfer into joint names but if you were to transfer the equity entirely to your partner then you would have to repay a proportion of the discount received back to the LA.

I think it is down to the discretion of each LA so you would need to contact them for their authorisation. Also speak to a few local solicitors to see if you can find one who may have experience of carrying out such a thing.

HTH.

Conrad

You cannot simply transfer a property someone else - that is in effect a legal sale.

We bring children into the world - they have no choice in that, they are bought hear by us so I like to think any moral agent wwould see that the most important duty is to ensure that inoccent child is looked after financialy.