Property transfers help please

[worriedbod]

Hi I am in a real scared mess I was divorced several years ago and was awarded my house but as I was self employed my father was WE UNDERSTOOD a guarantor we have since found out he is joint tenant in common with me and on the mortgage.I still have a mortgage on the property which my son lives in as a live with my partner(no rent book just board) .my dad is 72 but in good health and of sound mind and is making a Will to leave the property to me.
My concern is that I have recently heard about capital gains tax I don't have enough to pay off my mortgage and want advise on what's the best way forward.i hadplanned to pay mortgage off (5yrs) and the dad transfer the property to my sole name.Would this cost him ,apart from fees he owns a house with my mum as joint tenants in common.I just want to do what's best and I understand I will have to pay when I sell but don't want it to cost my dad if he transfers to me.
Please help very stressed and worried all family relationships are good so that's not a worry that he won't leave it to me.

[Amethyst]

You understood your dad was a guarantor for your mortgage but have recently discovered he's actually on the land register as owner ? Is he also named on the mortgage ? How long ago did you get the mortgage ( presumably to get your ex off of the mortgage and ownership of the property )

If it is joint beneficial tenants then when he passes the house will pass to you anyway - if tenants in common then his share of the property he would have to leave to you in his will. So check which it is, and if tenants in common whether shares have been defined or if it's 50/50.

You could see if you can 'buy' your dad out ( assuming you've been paying the mortgage throughout and treated it like he was just a guarantor ) and have the property transferred into just your name. Depends on your circumstances of course and whether you'd be able to get the mortgage on your own ( if he is indeed on the mortgage) In the future there may be issues if, for example, he needed to move into a care home, or got made bankrupt for any reason.

I'd get hold of all the documents from your mortgage lender as a first step to check what the actual situation is and whether any errors been made and a complaint required, or if you misunderstood when sorting the house after the divorce ( quite a stressful time I suspect )

[worriedbod]

Hi thanks for the reply I think probably due to the stress it's got misunderstood in divorce process.my dad owns it 50/50 with me I have always paid the mortgage.We were planning to when I have paid off the mortgage get the house transfered into my sole ownership. I am thinking this is possible but have recently heard about capital gains tax .....would my dad have to pay anything as its officially a second home for him.?