Help Please - Conflicting Advice

Hey all. Any advice welcome. About 4 years ago I took out a mortgage for a new house. Couldnt afford it myself at the time so had to take my father on board. Made the mistake of not having him as a guarantor but as an actual ownership party (his name is on the deeds). Now I have gotten married and want to remove him form the mortgage. Can anyone help me with these questions:

1. If I die, does my father or my wife own the house?
2. If my father dies, will my mum (his wife) have a charge to the house?
3. If I remove his name from the deeds, will my wife automatically be co owner even though only my name will be on the deeds.
4. Will I have to use the original mortgage solicitor to remove father from deeds? Telling me it will cost c. 2.5 K!!!!

Any help would be most appreciated!!

Re: Help Please - Conflicting Advice!!!

i am not a solicitor but i would think if relations are good with you and father it should be a matter for your solicitor who acted then to draw up a document indicating that in fact you are the beneficial owner. you should in any event discuss matter with your solicitor.

Contact your lender first to find out their requirements. Do you now qualify on your own? Is the lender agreeable to having your father removed from the mortgage? Are your wife's multiples required to replace your father on the mortgage if necessary?

Your spouse will have a beneficial interest in the property under the Family Home Protection Act. Regarding future title here are some options subject to the lenders authorisation -
a) sole title/sole mortgage (with consent of spouse)
b) sole title/joint mortgage (with consent of spouse)
c) joint title/joint mortgage

The cleanest way of transferring title is by clearing the existing mortgage and taking out a new one. You don't have to use the same solicitor.

Yeah I fully qualify for the mortgage myself. Its all so annoying because I have always been the one who, along with my wife, has made all the repayments and now I have to fork out a few grand to have my dads name removed from the deeds, which shouldnt have been there in the first place! I was reading up on this. Why cant my father just sign his share of the house over to me? I know I would not be liable to CAT but would he be liable to CGT? Another solicitor I spoke to yesterday told me there would be Stamp Duty implications (though at a 50% reduced rate)!!!! This is all just crazy!!! Am I correct in saying that if (i) the property is titled as Joint Tenancy and I predecease my father that me can still on his death will the house to my wife because of a clause in CAT that says that the spouse of a son/daughter can be eligible for class A threshold on the death of a son/daughter (in this case me) and if (ii) it is tenancy in common that I can will my share to my wife and my father his share to her also under the same conditions above. Really confused bout all this!!

Because your Dad's name was registered on the deeds and the mortgage it is technically the same as him buying the house with you. If he takes his name off the deeds and the mortgage it is as if he had given you his half of the house. If half the value of the house is less than the amount that can be given between parent and child then you won't be liable for gift tax, although this amount could be taken into account in the future if you inherit anything from your father.
Your father may be liable for cgt if the house has increased in value since it was bought and it has not been his principal private residence.
Don't think whoever advised you when you bought the house did a very good job of it. It could have tax implications for both of you (him now and you in the future). Best advise would be to go to a good solicitor.