How do I give my daughter my property?

Posted on 28 August 2012 by Dan

I bought a property 7 years ago still I need to pay mortgatge £110000 but I want to give my daughter that property. What I have to do?


There are two separate parts to this that you will need to address, you need to sort out your mortgage arrangements and you need to employ a professional to take care of the legal work for you.

Your current mortgage will either have to be repaid or transferred to your daughter's name.  Depending on your current mortgage terms your lender may consent to a transfer of property and they will want to ensure that your daughter can afford the mortgage payments.  If she can not they may still agree to the transfer, but not release you from your mortgage covenants so that you remain as a joint borrower.  You should make an appointment with them to discuss the options available to you.

If your current lender will not agree to the transfer or you do not like the terms they offer you then your daughter may be able to raise a mortgage with a new lender.  She will need to borrow a sufficient amount to ensure the existing mortgage is repaid and she will have to satisfy their affordability and credit checks before any offer of mortgage is made.  We will be able to help her in this instance and she should call 0344 346 3672 to speak to one of our independent mortgage advisers.

However you proceed you will need to instruct a solicitor to act for you and your daughter.  I have forwarded your details to our in house solicitors, Rollingsons, who will contact you directly with the details of how to proceed with the legal aspects of this transfer.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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