Re: changing names on the house deeds
- From: Alan <a@xxxxx>
- Date: Fri, 09 Mar 2007 09:39:33 +0000
gd576@xxxxxxxxxxxxxxxx wrote:
hello everyone,
I'm in a position at the moment where the deeds and mortgage for my
house are in joint names with my mom but she doesn't live at the
property or pay any in towards the mortgage. I want to raise some
cash for home improvements and am considering remortgaging and thought
it would be a good opportunity to sort out all her paperwork so it is
only my name to it on the deeds.
after doing a little research I believe changing details on an
existing mortgage is pretty straightforward but can anyone tell me how
complex it is to change names on deeds and roughly what fees are
involved and who I need to pay them to?
The only other relevant information I can think of is that it's an ex-
council house but we have owned the property for at least five
yearsand I am also married.
Any advice would be greatly appreciated
There is also the prospect of Mr G Brown and the grasping Inland Revenue taking an interest.
If its not your mother's primary residence you may find that there is a Capital Gains Tax liability for her to pay when she transfers her share of the property to you.
There is also the possibility of further taxation in the form of Inheritance Tax - if she was to gift her share of the house to you, the gift would be treated as an potentially exempt transaction (PET) that would needed to be added back into the value of her estate (would fall outside her estate after 7 years (there is a decreasing scale.)
Food for thought...
Regards
Alan
.
- References:
- changing names on the house deeds
- From: gd576
- changing names on the house deeds
- Prev by Date: Re: The Strange Case of the Cambridge Parrot
- Next by Date: Re: Letter of claim - p2p
- Previous by thread: Re: changing names on the house deeds
- Next by thread: Re: 'Home Made' Tenancy agreement
- Index(es):
Relevant Pages
|
Loading
