Transfering mortgage deeds - a question.

[steevie/d 10]

if anything happend to your parents god forbid you would loose it all because the house would go to probate i think i may be wrong but its worth looking into m8

[willman 10]

no outstanding debt but someone was saying that even though parents dont not want anything for it we would still require a mortgage??

 

The op states 50k outstanding? It's illegal to give away a house.

[chinaski 10]

Thanks for advice all. Had a word with the estate agent and she stated the obvious - if my parents tranferred the house over to me, gifted it, whatever you want to call it, they would still have to pay the relevant tax. (This is obvious when you hear it. If not, all the buy-to-let brigade would be transferring deeds over to trusted friends and family to avoid tax.)

 

I don't think there's a way out. I'm thinking of waiting now till the next financial year to make use of their allowance. With interest rates as they are, the £1000 I'll be paying on the mortgage should be offset by the tax avoidance and, hopefully, prices may rise a little.