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Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
may I ask if you actually transferred the legal title to your son when you gifted it to him please?
thank you. Could I clarify why your Sun wishes to give you the house back at this stage?
he wishes to come of the mortgage so he can get a mortgage of his own, as the mortgage was transferred into his name but we kept on paying it via his account.
Sorry *sun = son. Voice recognition software malfunction!
thank you. There's your son lived in the property for any period and does he own any other property at present?
Has your son lived in the property for any period and does he own any other property at present?
No does not live in this property at the moment he moved out 9 months ago he is renting one and he does not own any other property
thank you. On the basis that your son has lived in the property but is now renting it, it should be possible for capital gains tax to be avoided when the property is transferred back to you by applying private lettings relief. if your son has lived at the property up to 9 months ago it is unlikely on these facts any capital gains tax would be payable. accordingly, all that is left is the actual transfer back to you
in order to achieve this, you need to pay off the existing mortgage. You may be able to do this out of your own resources or if not, you will need to consider applying for a new mortgage in your own name either with the same lender or another.
once this is done, it is simply a matter of your son executing a transfer deed (form TR1) transferring the property to you and your transferring funds to enable the existing mortgage to be repaid either from your resources all your new mortgage as above.
if the existing mortgage has more than £125,000 owing against it, stamp duty will be payable on the transaction. if the existing mortgage has less of £125,000 owing on it, no stamp duty will be payable
because there is a mortgage involved, you will need to retain a solicitor to act on the transaction. Because you are family, it is possible for the solicitor to act for both of you but equally, either of you have to the right to your own independent solicitors
Is there anything above I can clarify for you?
getting a mortgage may be difficult because of bad credit history, dont suppose you know of any good mortgage advisors.
Charcol have a reasonably good reputation and should be able to assist.
There are some specialist brokers that deal with bad credit but it is worth starting with a broker who offers products across the board as rates can be prohibitive with some products.
Does the above answer all your questions or is there anything I can clarify or help you with any further?
you have been most help full thank you very much.
A pleasure. If I can assist any further as the situation develops please do not hesitate to revert to me
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you will be the first person i contact if i require any more assistance, is there a direct contact or should i use this site.
If I can assist any further you can either return to this thread from your customer home page or ask a new question asking for me at the beginning or click on my profile.
I would be very happy to continue to assist where I can
If you have no further questions for now, I should be very grateful if you would kindly take a moment to rate my service to you today