Are Mortgage & Deeds Linked?

[Carzy]

Can someone explain to me the relationship between a bank mortgage and deeds/ownership of a property?

Is it possible for say, person A to "sign over" ownership of a house to person B- and for person B to continue with the mortgage repayments on their own even though the mortgage is in both names? What are the implications with regard to the life assurance (again in both names) attached to the mortgage?

Apologies if I'm repeating other threads on this issue but would be grateful for any responses...or to be directed to old threads..

 

[Vanilla]

Technically it is possible, but you need the banks consent. And the banks usually like you to just repay the old mortgage by taking out a new one in the new sole owners sole name. That is if the mortgage was always in joint names. If the mortgage was originally in person As sole name then person B would definitely have to take out a new mortgage in their sole name and repay the old mortgage.

 

[Carzy]

Would person B have to go through the whole mortgage application process? and then lose their first time buyer status (which is still in the first 7 years)

 

[Vanilla]

Yes, B would have to go through whole process again. But would not necessarily lose FTB status: see following from Revenue site:

What is the position where a person, who had obtained first time buyer relief on the joint purchase of a house with another first time buyer, subsequently acquires the other joint owners interest in the house? A person who obtained first time buyer relief on the purchase of an interest in a house would not be precluded from obtaining first time buyer relief on a subsequent purchase of another interest in the same house provided that person has not purchased another house or part of another house in the intervening period.