Hello, I have a question that I think should have an easy answer, but I'm worried there may be complications I haven't considered.
A bit of background....in 2001 I was pregnant working part time and living in an overcrowded home, not really moving up the housing list.
I could not get a mortgage on my income, but I knew I could afford to pay it, so, Mum agreed to get the mortgage in her name and I would repay her monthly by standing order.
I found a house in the price bracket I could afford, an auction property that needed lots of work. Mortgage company were ok with it being an auction property.
I paid for all the searches.
"We" won the auction.
I paid the deposit.
I paid all the legal fees.
Mum paid the mortgage from her account and on the same day my standing order transferred the money into her account.
The mortgage lasted for 15years
Never a missed payment.
The deeds were sent to me in the post.
The issue... I (we) never got around to changing the name on the deeds/land registry once the mortgage was fully repaid it's still in Mum's name.
Both Mum and I want it transferred officially to, solely me. Mum is in her 80's now and of sound mind, fit as a fiddle. I'm concerned that there maybe complications regarding Inheritance tax, questions regarding "gifting" or other such problems that might arise from sudden death/wills (I hate and find it upsetting I've had to write that, I do not expect her to pass for a great many years yet)
Can anyone give me any advice on how to go about this?
I'd like to reiterate Mum has not paid a penny towards the house at any point. All money regarding the property has come from me.
Thanks in advance for any advice you could give.