• Gifting A Property

    By Guest on 28th Aug 2019

    My husband and his brother have inherited a property with an equity release mortgage on it. We are going to live in the property but the mortgage (to pay off debt on the property) will be in my name only. My husband and brother in law are going to sign the property to my name but can we do this prior to the debt being paid? The house needs to be in my name in order for me to remortgage it.

  • 1 Answers

    By Guest on 29/08/2019

    If the property is currently subject to a mortgage there will be a restriction on the title preventing you from being able to transfer it without repaying the mortgage. Your options therefore are:

    1) Pay off the mortgage, transfer it, and then remortgage; or
    2) Complete a remortgage and transfer simultaneously with repayment of the mortgage in order to pay off the equity release debt with the new mortgage advance.

    I advise you instruct a conveyancer such as Notary Express on 03333 122 221.

    www.notaryexpress.co.uk

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