Paying off grandmother's mortgage and transferring deeds into my name - advice please?
- From: Jason Arthurs <nntp@xxxxxxxxxxxxxx>
- Date: Thu, 11 Aug 2005 12:05:55 +0100
Ten years ago my grandmother who at the time was a council tenant was
being approached by the council regarding 'right to buy'. She had no
income sufficient to purchase the house and she came to me and said
that I should purchase the house in her name.
I acted as a guarantor for her mortgage and have paid the mortgage
over the years. We took out a deed of trust at the time of the
purchase and this basically gave her the right to live in the house as
long as she liked and neither of us has the right to sell the property
without the others consent.
I have now gathered the funds to pay off the original mortgage and was
wondering if transferring the property into either joint names on the
deeds or my sole name would be a pertinent thing to do at this point.
The house (and my grandmother's estate) isn't sufficiently valuable at
this time to attract death duty, but obviously I don't wish to end up
paying either capital gains on a second property for being
non-resident or being forced to sell the property should my
grandmother require medical care (she is fit and well at the moment
but she is in her 80's). The house is gifted to me in her will but
under the circumstances obviously I need to protect my investment
prior to this becoming an issue.
Does anyone have any views as to whether I should simply have the
deeds transferred into my name upon the repayment of the mortgage or
if we should be jointly represented on the deeds?
Regards,
Jason.
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