Re: Paying off grandmother's mortgage and transferring deeds into my name - advice please?


"Jason Arthurs" <nntp@xxxxxxxxxxxxxx> wrote in message
news:ocbmf1ha8jutrm9u683n6f857rp3bu3gsi@xxxxxxxxxx
> 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.
>
Wont you have to be careful if she has to go into a care home, or similar?
Whose are on the deeds?


.

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