UK Property Law
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Hi, What's the purpose of this please?
Thanks for your reply.
Yes, it is possible to do. He simply pays the full amount of the mortgage and then asks your lender to remove their charge from land registry. You can then execute a Land Registry form to transfer the property from your ownership to his. The foms are available from the LR website.
The disadvantage would be that it would then form part of your father's estate for inheritance purposes, and having money in property is less flexible from this perspective.
Also, as it would be his you would have no right to stay in the property if they decided to evict you and you did not have a written agreement giving you rights to stay in the property.
After transfer he could also mortgage the property and if he defaulted on that then the lender could repossess the property regardless of the fact that you were also living there.
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