• Transfer Of Ex Council House

    By Guest on 12th May 2020

    Hi,
    My parents have just purchased their council house and want to transfer it to me.
    - is this allowed?
    - do they have to own it for a certain length of time to remortgage?
    - will they have to pay back some of the discount they got as it is before 5 years of ownership?
    - if they did transfer it to me how long do I have to own it before I can remortgage?

  • 1 Answers

    By NotaryExpress on 13/05/2020

    In answer to your queries:

    1. It is allowed but they may have to repay some or all of the discount depending on the terms of the transfer deed/lease if they transfer it within a certain period of time;
    2. Usually at least 6 months, from a lender's perspective. Also check the lease/transfer deed for any other restrictions;
    3. Most likely yes - check the transfer deed or lease; and
    4. Usually 6 months but check with your chosen lender.

    www.notaryexpress.co.uk

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