Removing my name from joint mortgage/deeds

[Brother D]

About 10 years ago my brother and I bought a property in joint names for my parents to retire in.

Basically I am now married/older and with all the help my brother has given over the years I just want to give my share to him so the house will be his entirely.

What would be the best way of going about removing my name on both the deeds and mortgage? Or will this be a pita and I should just have my will updated to say the property is gifted to him in the event of my death? I don't ever expect to divorce, but I assume if my name in on the deeds the property would be considered an asset?

Just wondering what the best way to go about this would be or just leaving it.

[Kudos]

PITA. Will need approval from lender who may not give it. Depends how much your brother earns.

Will no doubt have tax implications too

[Brother D]

I thought that might be the case...

Will leave as is then

Thanks

[S10GTA]

It's not that hard. I split with a partner a few years back. The mortgage lender had to reassess my partner who stayed in the house and ensure she could afford it on her salary. Once that was done I paid a solicitor to remove my name from the deeds (circa £400).

Done.

[westberks]

also better to gift it now as it might have IHT implications if you just do it in your will (obviously depends on overall estate value).

worst case is you leave it to him in the will and there is a 40% tax bill. Do it now, live 7 years and no liability.