Transfer of Ownership

Posted on 22 April 2012 by Dr Ally

I am the guarantor and pay the mortgage for my daughter 's flat. My daughter is planning to go abroad and wants to pass the flat back to me i.e my name to be on the deed. what would the best way to do it ?

Dr Ally

I think you should start by talking to your daughter's existing mortgage lender.  Depending on whether you want to live in the property, rent it out or leave it vacant they may agree to a transfer to your name, agree to the transfer but change the mortgage type or decline the request altogether.  Once you know how they will react to your request you can decide whether or not to remain with them or transfer to a new mortgage lender.

You will need to instruct a firm of solicitors to attend to the legal formalities and I have forwarded your details to our in house Solicitors, Rollingsons so that they can advise you on how to proceed.  Expect to hear directly from them in the next couple of days.

I believe we can help you if you decide to look at alternative mortgage arrangements and that you would benefit from speaking to one of our independent advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage solution.


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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