Hello - Transfer of house ownership but still have mortgage

[george howells]

hello

I want to transfer ownership of a house I own to my daughter. There is a small mortgage on it but for various reasons I don't want it as an asset that could be seized.

Have I got any options

Thanks

[wales01man]

Re: Hello - Transfer of house ownership but still have mortgage

Might be a loophole somewhere allowing this but if you are doing it to avoid care fees or it being taken in bankruptcy even doing it may mean its returned to your full ownership .
Some one on her may have ideas be prepared to elaborate on the reasons why you want to do this.

[george howells]

Re: Hello - Transfer of house ownership but still have mortgage

I want to ensure she has right to the property but ideally not be able to sell or be forced to sell without joint agreement. I have no problem with care home , bankruptcy etc but i might have in the future so looking for a robust solution.

[wales01man]

Re: Hello - Transfer of house ownership but still have mortgage

There are ways to do this consult a Solicitor for the best advice.It would have to be something drawn up a legal agreement.

[IanM]

Re: Hello - Transfer of house ownership but still have mortgage

hello

I want to transfer ownership of a house I own to my daughter. There is a small mortgage on it but for various reasons I don't want it as an asset that could be seized.

Have I got any options

Thanks

If you only have a small mortgage would your daughter be able to buy it off you for what you owe on the mortgage?

[george howells]

Re: Hello - Transfer of house ownership but still have mortgage

I bought the house for her to live in as security as she has 2 children and modest income. I doubt she would get a mortgage in her present financial position. Thanks for the reply

[IanM]

Re: Hello - Transfer of house ownership but still have mortgage

I bought the house for her to live in as security as she has 2 children and modest income. I doubt she would get a mortgage in her present financial position. Thanks for the reply

The only way to transfer it to her would be if you paid off the mortgage in full if possible and then transferred ownership to her once you have the deeds.

[enquirer]

Re: Hello - Transfer of house ownership but still have mortgage

It is possible that the lenders permission would be required. As the house represents their security for the debt, they are unlikely to be sympathetic. See what they have to say first.

[enquirer]

Re: Hello - Transfer of house ownership but still have mortgage

Deleted - duplicate post.