Transfer of deed

Sammy43

Registered User
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1
Can anyone shed any light on the following situation, it would be much appreciated!
Myself and co habiting partner bought house in 2006 for 320,000. Took out mortgage with start for 175,000 and I paid the balance plus fees out of my own personal money. Crazy as it seems now but we put house and mortgage in his name even though we both paid mortgage!!! House worth about 160,000 now at a guess, money owed is 130,000 with 22yrs remaining. Never in arrears. He wants to leave and has agreed to give up rights to house if I take over mortgage payments. I can afford to pay mortgage but unlikely to get loan as only 3 months in new permanent job and we have bad credit due to debt of business overdraft! He will agree to keep his name on mortgage and I pay! Questions: 1) can I get deeds transferred to my name? 2) will I be liable for gift tax as it may be seen even though I put a lot of money towards buying the house? 3) is there a better way to deal with this situation. Thanks
 
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