• Name Change, On Title Deeds

    By Guest on 04th Feb 2017

    we have a client who purchased a house, under their best friend name, due to credit issues at the time, so mortgage is in his names as is the title deeds.
    Can he now transfer at nil cost back the rightful owner.
    Trust deeds were drawn up to reflect this arrangement at the time, and can be evidence to the land registy

  • 3 Answers

    By Guest on 16/02/2017

    It won't be nil consideration if there's a mortgage. It will be (for SDLT purposes) the value of the existing mortgage debt. You don't need to provide evidence of the trust to Land Registry, it is not concerned with the beneficial interest. Your client should retain the evidence though in case the best friend becomes bankrupt and his creditors try to overturn the transfer so as to stake a claim in the equity. Of course the "rightful owner" will need to obtain a mortgage to pay off the old mortgage, unless he has the cash.

  • By Guest on 17/02/2017

    Hi Team

    What a great answer here.
    Just for clarity will that be the original mortgage debt at purchase , or current mortgage balance>?

  • By Guest on 19/02/2017

    The debt outstanding at completion of the transfer

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