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Is it possible to transfer ownership of a property whilst the mortgage is still being paid?

  1. Vicky from Glasgow
  2. Conveyancing questions and answers

Question

Is it possible in Scotland to transfer the ownership, or better known as a Quitclaim, of a property to family member whilst someone else within the family is paying the mortgage?

Answer

Assuming that what you mean is that you are wondering if you, as joint proprietor of the property could transfer your share to a third party, without remaining liable for the mortgage, it is possible but you would require obtaining the consent of your lender to what you propose.

However, I would expect that the lender would wish to assess the transaction and the parties to it from scratch and it would be treated as a new loan. This could mean that any beneficial rate that you currently have for the mortgage will no longer be available.

If you were to go ahead and transfer your share of the property to a third party without obtaining the consent of the lender, firstly you are likely to be in breach of the terms of your mortgage which could, theoretically at least, result in the lender requiring repayment of the loan and, secondly, you would remain liable on the loan even though you no longer owned a share of the property.

Mary McQueen

Mary McQueen

McQueen Legal

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