Transfer of property from my father

[tessabell]

My father is undergoing a development project of 21 apartments and with the recent problems in house prices at the moment he is worried about the bank forclosing on him if he does not sell the apartments. He also has a property in Cornwall that he has a mortgage on, we want to know if there is any way we can transfer the property in Cornwall to my name so that the bank can not get hold of that in a worse case scenario. Also what tax implications will there be? Many thanks

[Ethel]

The bank will need to be satisfied you can afford the mortgage on your own before the property can be transferred in to your name.

If the bank does foreclose on the mortgage they will investigate whether your father has deliberately wasted assets, or hidden assets.

Take proper advice before you do anything.

[tessabell]

Ethel, thank you for you input.