Can you transfer the ownership of your house to someone else while you are still on the mortgage?
My house is on interest only and I want out, I have other properties and business ventures that are of more importance to me.
I want to transfer the ownership of my house to a family friend (they already live in the property and pay more than my mortgage payments)
I am happy to stay on the mortgage but add them to the mortgage in addition.
OR could I stay on the mortgage but set up a new direct debit plan from my friends account and just have something signed with the solicitor so they are responsible for the property and own the property??
I've heard you can do things like a deed of gift or a quit deed but I dont understand what they are. I've even considered selling them the house cheap but the rates they would have compared to my rate is ridiculous - we are talking a 50%+ increase compared to when I took the mortgage out 18 years ago!
Transfer of ownership is not an option, as they would not be accepted by the mortgage company as the property is of high value and even if they did - the rate would be too much.
I want to add them to the mortgage, I stay on the mortgage for admin reasons only and they can take me off in a few years or at the end of the term.
I plan on having papers drawn up by our solicitors to say, they own the property not me and therefore the mortgage cost is there responsibilty. I do not want anything to do with the property so in short - the house is theres as if they bought it from me.
Can this be done or anything similar??? Please help!
I would of thought this could be done in some way, surely? :S