Right to Buy - Transfer Ownership

[RastaMouse]

Hi Guys,

just hoping for some advice, I’ll try keep this concise. It’s coming close to ten years since my mom took out a mortgage under the right to buy scheme. Within the second year of this, my mom’s job had cutbacks meaning she needed my help to pay for the mortgage. Fast forward till now and I’m still paying it. My mom said as I’ve been paying it, she’s happy to have it transferred into my name. We waited as we’re aware of the five year discount issue and ten year right of first refusal issue. I have enough money saved up to clear the remaining balance on the mortgage so I’m hoping to do that and have the house put in my name. Question is, what’s the best way to do this? Am I correct in saying we don’t need to go to the council regarding this anymore after the ten years are up and/or the mortgage is paid in full? Also, I want to avoid the transfer of ownership being classed as a “gift” if possible due to the seven year capital gains clause. I was advised about putting a charge on the property, is this a good idea? Any advice on the best way to proceed with this? Thanks

[dslippy]

You do not need to the Coincil from the sound of it.

The transfer _might_ be in return for the payments you have made over the years. Talk to the soloicitor dealing with it, You have proper questions.