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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7620
Experience:  BA (Hons), PgDip, Practising Solicitor
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my father pays off my mortgage for me. i then transfer ownership

Resolved Question:

my father pays off my mortgage for me. i then transfer ownership of the property to him. the mortgage is £124500, can this be done and are there any pitfalls?, thankyou
Submitted: 5 years ago.
Category: UK Property Law
Expert:  Thomas replied 5 years ago.


What's the purpose of this please?


Customer: replied 5 years ago.
i need to clear my mortgage and my parents live with me and they want to own it
Customer: replied 5 years ago.
Relist: Answer quality.
Expert:  Thomas replied 5 years ago.



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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I will answer your follow up questions you may have.

Kind regards,


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