Change of ownership to parent

eagle85

Registered User
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I am a single parent who owns a house but have been let go from my job and I am finding it hard to pay the mortgage. Another issue is that even though I bought the property on my own my partner was living with me and it was in another county and now that the relationship has ended I really need to move back to where all my family and friends are .

I am contemplating signing ownership of property over to my father with out money changing hands but am unaware on how to begin this process or if the implications would be good or bad for him re tax etc.

My hope then would be to apply for rent allowance as at the moment I wouldnt be able to afford rent but obviously because I am a home owner I am not entitled to rent allowance.Does this sound insane, or has anyone else experienced simular ?
 
You'll probably have to give more detail in order to get a good response.

How much is the property worth. What is the outstanding mortgage. Has your father ever received any previous gifts or inheritances from anyone since 1991. Does he intend to live in it or not. Has he ever owned another property before.

Would he qualify for a mortgage in his own name or would he pay off the mortgage from his own funds.
 
Sorry for being so unclear...The property is worth 150K the o/s mortgage is 140K, no he has not received gifts or inheritances from anyone since 1991. He intends to rent the property out if possible. He owns 2 properties one his primary residence which has no mortgage o/s and one investment property which is rented out. It is doubtful that he would qualify for a mortgage ath the moment so he would plan to pay off mortgage from his own funds/from rental income
 
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