A
autumn
Guest
Hi, my father has a second property with a mortgage on it but due to his age and the way the economy has gone he is having trouble paying it off.
Fortunately the property suits my needs, and I'm happy to buy the property, but am having trouble getting a mortgage.
Conveniently, the bank have said that they will be willing to add my name his mortgage, so I can pay it, so that will solve that problem.
However they have said that they will want my father's name to remain on the title; i.e. either both of our names or just his.
I have no issue at all with this, however I want to pay all of the taxes now so that they are out of the way and not due at some point in the future. My question is; is it possible, keeping his name on the property, to pay the relevent taxes now so that they won't be due in the future but to still have his name on it to keep the bank happy?
By the way I completely appreciate that this will require professional advice, and I will be seeing both my solicitor and accountant, who will be advising me before we do anything at all, but I wanted to research this myself in principle before I meet with them to make the meeting more productive.
Thanks!
Fortunately the property suits my needs, and I'm happy to buy the property, but am having trouble getting a mortgage.
Conveniently, the bank have said that they will be willing to add my name his mortgage, so I can pay it, so that will solve that problem.
However they have said that they will want my father's name to remain on the title; i.e. either both of our names or just his.
I have no issue at all with this, however I want to pay all of the taxes now so that they are out of the way and not due at some point in the future. My question is; is it possible, keeping his name on the property, to pay the relevent taxes now so that they won't be due in the future but to still have his name on it to keep the bank happy?
By the way I completely appreciate that this will require professional advice, and I will be seeing both my solicitor and accountant, who will be advising me before we do anything at all, but I wanted to research this myself in principle before I meet with them to make the meeting more productive.
Thanks!