RE: Changing the name on property deeds?

Question

I currently live in a property owned by my parents. My partner and I are planning on getting a mortgage to buy the property from my parents.

Is there a way of avoiding solicitor costs for changing the name on the deeds (from my parents name to ours)?

Thanks very much

Answer 1

Yes and no, is there a mortgage on the property? If so you would have to refinance the mortgage or else your parents will still be responsible for it. You can do a quick claim deed to sign over the deed from your parents to you and your partner you can pick that up at Office Max or Office Depot. If there is a mortgage loan on the home then you might be able to do an assumption loan this means you assume the loan but if you default will go back to your parents too.