Change Deeds to One name on Joint Mortgage

D

dazzled

Guest
Hi guys, any info/opinion/advice welcome. My story is a site next door came up for sale when I was 19. I bought it and my Dad came along as guarantor, except he wasnt guarantor, his name went on the deeds and mortgage. (very badly advised by solicitor!!) Anyway, at the time it was agreed with the bank that at some future point my Dad would come off the mortgage when my income was enough to sustain repayments myself. I am now married and feel its important my Dads name is removed from the deeds. H e is happy to go along with whatever I want to do. He has never contributed a cent to the property, it was always me up to when I was married 5 years ago and then my wife split everything. For my wife and childrens security I want to have just my name on the deed so I can tranfer to wife. However, I have a tracker mortgage at moment and dont want to lose it! My Dad is happy to remain on the mortgage but have his name removed from the deeds. Will the bank allow this? We have looked at the tax implications and as the house is in not quite in negative equity there would be no charge to CGT or CAT, ust stamp duty on his trasfer of half property to me. The property is my PPR. It is held in joint tenancy. If bank dont agree to release deeds can I change from joint tenancy to tenants in common without the deed sao I can own 99% and leave him eith 1%? So confused!!!!! Please help!!!!
 
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Brendan
Administrator
 
tracker

Hi
I bought with a friend and we had a tracker mortgage. She bought me out last year and the bank let her keep the tracker. We were advised to talk directly to the bank, which was Permanent TSB.
Hope this helps.
 
Hi elsaP. Thanks for the reply. When you say they let her keep the tracker did they just take your name off the mortgage account? What I mean was did she have to take out a new mortgage account or did they just delete your name off the existing one?
 
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