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    Hi there,

    Basically, parents divorced many of years ago, we have 2 years on the mortgage left, which isn't a problem, my father has finally decided to sign it over to me, rather than my mum (long story, hes a little weird) anyway, is it possible for him to sign it over onto my name, being the age of 17, and basically we can then go to the solicitor and get it in writing that he has no longer a share in the house, and has given it to myself? - Mum will continue paying the remaining amount on the mortgage

    Cheers, please clear this up, quite urgent
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    I assume your parents are both on the deeds currently? And they are both named on the mortgage?

    If the above are correct then your parents would firstly need to gain permission from the lended as they have interest in the property (the mortgage outstanding). Some lenders may be ok with changing the property to you and your mothers name. Some may request the mortgage be paid, i.e. you remortgage based on your mum and your financial status.

    If the property is purely in your fathers name then I'm not sure completely, but at a guess you wouldnt be able to simply because the lender will refuse as technically your father then has no interest in the property (should he be the sole name on the mortgage) and thus why would he pay? they have no security. In this instance I assume they would expect the mortgage be paid either outright or by you taking a mortgage based on your financial status.

    Dont hold me to this though.
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    Yes, they are both on the mortgage We will ask the mortgage provider tomorrow Otherwise I heard you can do a 'change of equity' through the solicitors, which changes the house ownership from two names, to one sole owner.
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    Surely they wouldn't do it if you're 17, since you need to be 18 in order to be given credit?
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    (Original post by sandettielightvessel)
    Surely they wouldn't do it if you're 17, since you need to be 18 in order to be given credit?
    Absolutely.

    OP you would all probably benefit from independent legal advice (ILA)- your lender may insist on if for your parents and recommend it for you (unless you sign a disclaimer to say you don't want it). For example the person paying the mortgage would not own the property and they would be at a major disadvantage - paying for something they don't own. Or if the person paying the mortgage stopped, then your house might be at risk. Or the person paying the mortgage has to rely on the person owning the property to keep it in good repair so that it remains 'good security', the list goes on.

    Also there may be inheritance tax liabilities raised as your parents would effectively be gifting you a house - although this depends on how big their estate is of course. Again, ILA is a must.

    You may not get a definite answer from the mortgage provider straight away, they may have to go and find out from someone else if the mortgage adviser isn't in the office that day.

    Please note that I have no legal training so cannot expand further or give advice.
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    You will need to complete a change of borrower with your current mortgage lender, Abbey charged me £125 but this was in 2008 so not sure if the fee has increased. I needed to get my own solicitor to change the deeds to the house, this cost me about £625. The whole process should have taken upto 12 weeks but there was problems with Abbey.

    You will also need to check your mortgage lenders policy, it is doubtful they will agreed to the change until you are 18 years of age and can take full legal responsibility e.g. chase you for any unpaid debt basically.

    I think it would be different is there was no mortgage outstanding, it might be worth paying the additional sum now if you need it sorted a.s.a.p but check for early repayment penaulties. I can only overpay my mortgage by 10% per annum or I am charged £3k for early repayment, the same applies if I wanted to switch companies or sell my house before my current agreement expires.
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    Thanks alot for your help, so basically it will cost around £1k, but it can be put on sole ownership on my mother's name relatively easily as she is already the part owner with my dad?



    (Original post by PrincessJasmine)
    You will need to complete a change of borrower with your current mortgage lender, Abbey charged me £125 but this was in 2008 so not sure if the fee has increased. I needed to get my own solicitor to change the deeds to the house, this cost me about £625. The whole process should have taken upto 12 weeks but there was problems with Abbey.

    You will also need to check your mortgage lenders policy, it is doubtful they will agreed to the change until you are 18 years of age and can take full legal responsibility e.g. chase you for any unpaid debt basically.

    I think it would be different is there was no mortgage outstanding, it might be worth paying the additional sum now if you need it sorted a.s.a.p but check for early repayment penaulties. I can only overpay my mortgage by 10% per annum or I am charged £3k for early repayment, the same applies if I wanted to switch companies or sell my house before my current agreement expires.
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    (Original post by GGecko)
    Hi there,

    Basically, parents divorced many of years ago, we have 2 years on the mortgage left, which isn't a problem, my father has finally decided to sign it over to me, rather than my mum (long story, hes a little weird) anyway, is it possible for him to sign it over onto my name, being the age of 17, and basically we can then go to the solicitor and get it in writing that he has no longer a share in the house, and has given it to myself? - Mum will continue paying the remaining amount on the mortgage

    Cheers, please clear this up, quite urgent
    I hope i dont sound mean but i think that your dad is kind of selfish handing a debt over to you which is what a mortgage is, i would find it hard to say no to my dad but it will help you out in the long run if the mortage is payed off soon, you can then rent it out and watch the papers stack or you could live in it.
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    (Original post by analk)
    I hope i dont sound mean but i think that your dad is kind of selfish handing a debt over to you which is what a mortgage is, i would find it hard to say no to my dad but it will help you out in the long run if the mortage is payed off soon, you can then rent it out and watch the papers stack or you could live in it.

    There is a measly £4k left on it, like 8 months worth, mum is going to be sorting that out no problemo
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    (Original post by GGecko)
    There is a measly £4k left on it, like 8 months worth, mum is going to be sorting that out no problemo
    Take it quicker than you read the next word thats nothing . YOULL be LAUGHING MATE.
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    (Original post by analk)
    Take it quicker than you read the next word thats nothing . YOULL be LAUGHING MATE.

    Not really ripping him off buddy, its going to secure my mum for her retirement, and she will have a roof over her head for life -Its just the way my dad sees things 'for the kids' but really it is for my mum
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    (Original post by GGecko)
    Thanks alot for your help, so basically it will cost around £1k, but it can be put on sole ownership on my mother's name relatively easily as she is already the part owner with my dad?
    Unfortunately they will still charge the fees I quoted previously for that situation. My situation was I bought a house with my then fiancee, my dad was a guarenteer as I was still at university (apologies for possible sp) the way Abbey processed the form he was a third person on the mortgage.

    That was the cost involved for removing one person from the mortgage and the remaining details staying the same. I was told if I was to remove my ex an add a new partner Abbey would charge me £250 e.g. twice the original fee for processing, the solicitor fee would be the same however.

    You will need to contact the mortgage lender as their terms may vary from Abbey but my solicitor did say that was a fairly standard way to do the change of borrower proceedure.

    The benefits included being able to select the percentage of the property my dad would be responsible for as my guarenteer. I could have signed the entire property over to myself which my dad wanted to do. I however picked 50:50 incase anything happened to me he would have legal rights to the property and wouldn't be tied up in rebate, e.g. if my mother made a claim to the property as I haven't made a will yet.

    It seems expensive but it is definately worth doing it.
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    Don't you have to be 18?
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    Thanks a lot for the information in this thread, Jasmine I will deffo get my parents to head to the bank and try and sort this out I am sure this happens on countless occasions so I am not too worried
 
 
 
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