Stamp Duty on partial transfer of Parents property

by **Peeks** on Mon Jan 09, 2012 11:15 pm

Thanks.

Does a mortgage provider consider the beneficial value the valuable bit, enough to lend on? (apologies, I know you are not such a provider and I would need to consult them

)

by **pqtaxation** on Tue Jan 10, 2012 1:13 am

Peeks wrote: Does a mortgage provider consider the beneficial value the valuable bit, enough to lend on?

The mortgagor does not care about any distinction between legal and benefical ownership: it has the first charge on the house and all the mortagees are jointly and severally liable for the mortgage debt.

There is no "transfer" of debt; by adding your two names as mortgagees you become jointly and severally liable and your PILs remain so.

You said you are intending to take professional legal advice -- I would not have mentioned this possible approach had you not stated this intention and your circumstances and numbers taken together suggested that it might be worthy of examination. I do't believe all of the comments of section44 are correct but in view of your intention I won't write more,

by **section 44** on Tue Jan 10, 2012 10:26 am

pqtaxation wrote:The mortgagor does not care about any distinction between legal and benefical ownership

They ought to care if there is only one legal owner but otherwise, agreed re first legal charge.

by **King_Maker** on Sun Jan 22, 2012 2:14 pm

pqtaxation wrote:
Peeks wrote: Does a mortgage provider consider the beneficial value the valuable bit, enough to lend on?

The mortgagor does not care about any distinction between legal and benefical ownership: it has the first charge on the house and all the mortagees are jointly and severally liable for the mortgage debt.

There is no "transfer" of debt; by adding your two names as mortgagees you become jointly and severally liable and your PILs remain so.

You said you are intending to take professional legal advice -- I would not have mentioned this possible approach had you not stated this intention and your circumstances and numbers taken together suggested that it might be worthy of examination. I do't believe all of the comments of section44 are correct but in view of your intention I won't write more,

It seems you have the "mortgagor" and "mortgagee" the wrong way.

The owner(s) is the one(s) who grant the mortgage = mortgagor.

The lender is the mortgagee.