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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7475
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I want to hand over a home with an 85% buy to let mortgage

Customer Question

I want to hand over a home with an 85% buy to let mortgage on it to my brother so that it is entirely in his name and not mine. He wants this and I want this.
Does he have to get out a mortgage and buy the house off me of is there a way I can just transfer the mortgage to him via the mortgage lender i used to buy the house - without him having to put down a deposit?
Submitted: 4 months ago.
Category: Property Law
Expert:  Thomas replied 4 months ago.

Hi

Thanks for your question. I will try to help.

You cannot transfer the legal title to a property with a mortgage without repaying the mortgage in entirety or getting the consent of your lender. However, getting the consent of your lender is effectively like your lender remortgaging in your brother’s name.

So, if you cannot afford to repay the mortgage with private monies then your brother will have to see if he can obtain a mortgage offer, whether from your current lender or another lender.

If he obtains a mortgage offer then you can both instruct a solicitor to complete the transfer of equity in the property and remortgage. You personally can decide not to charge a price to transfer the property to your brother, however the “consideration” which would be listed in the land registry transfer would have to the amount outstanding on your current mortgage because this is effectively what your brother would be paying.

If your brother cannot obtain a mortgage then your only other option would be to execute a declaration of trust with him which states that although you are the owner of the legal title, he has a 99% interest in the equity of the property with you holding the remaining 1%. This could be registered against the title to the property in the form of a restriction so that the property could not be sold without your brothers consent.

However, you would remain the owner of the legal title, which ultimately means that you would still have to be the one who ultimately signs the land registry transfer and sale contract when you eventually come to sell the property.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back. Please remember to leave positive feedback using the stars at the top of the page.

Kind regards,

Tom

Expert:  Thomas replied 4 months ago.

Hi

Is there any further information you require?

I just want to ensure that you are satisfied, so please let me know if you have any further queries on the information I have provided. If you have no further questions then please do leave positive feedback using the stars at the top of the page.

Kind regards,

Tom

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