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Kasare
Kasare, Solicitor
Category: Family Law
Satisfied Customers: 1301
Experience:  Solicitor, 10 yrs plus experience in civil litigation, employment and family law
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i want to add my nephew on to the deeds and come off it myself

Customer Question

i want to add my nephew on to the deeds and come off it myself i still hav a morgage and my nephew will keep up with the payments i am moving abroad and will not be coming back can i do that
Submitted: 3 years ago.
Category: Family Law
Expert:  Kasare replied 3 years ago.
Hi, thanks for your question.

I am afraid what you are wanting to do would not be possible.

You have purchased a property with the benefit of a mortgage. Until that mortgage is paid off you cannot simply transfer the property to someone else. The reason being that the bank entered a contract with you, not your nephew.

The only way in which you could do this is to sell the property to your nephew and pay off your mortgage with the sale proceeds. You could sell the property to your nephew at the same price that is outstanding on the mortgage - he would more than likely have to get a mortgage in his name.

The only other way around this would be to add his name to be a part owner - but you would have to stay on the deeds. You and your nephew would also have to pay the appropriate transfer fees and taxes.

I am sorry this is probably not the answer you wanted, but I have to advise you in accordance with the law.

If you have any further questions, please rate my answer (positively) and I will be happy to continue to assist.