Anonymous asked in Business & FinanceRenting & Real Estate · 7 years ago

Can you transfer the ownership of your house to someone else while you are still on the mortgage?

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 know a mortgage can't be transfered but is there a way of giving my property away or changing the deeds so its is them that own the property??? and i sort out a private arrangement regarding payment with them???

I would of thought this could be done in some way, surely? :S

5 Answers

  • 7 years ago
    Favorite Answer

    No, deeds can not be transfered while there is any lien. In order to sign the place over to them you, or someone else, MUST pay the mortgage completely off, as well as any other liens.

    You may have thought this could be done, but no, it was not be. There is money secured by the property, and that money has to be repaid before ownership of the property can change.

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  • 7 years ago

    In a manner of speaking, yes AND it depends. Some lenders have mortgages that are Assumable. You can sell / transfer the mortgage to another person or couple. They new owners basically pick up where you left off.

    Years ago this was done with some additional monies to you but not so much these days with loans that are 'underwater'.

    Last option is to see if lenders will accept what is sometimes called a 'deed in lieu of foreclosure'. You basically walk away AND lose any equity in the property in doing so.

    Source(s): I have taken part in both above scenarios.
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  • wizjp
    Lv 7
    7 years ago

    You have taken money ( a mortgage) and secured it with property. The lender owns a secured interest in that property until the loan is repaid. Any transfer of an ownership interest will require permission and release by the lender.

    If they permit this and you default, what is their remedy? They can't foreclose property you no longer own.

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  • 7 years ago

    Ownership cannot be transferred with liens on the property, no.

    You can't add people to a mortgage.

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  • 7 years ago

    A mortgage cannot be transferred.

    No way around this.

    Those people have to qualify for a mortgage on their own.

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