ANKIT KIRITBHAI SHAH (ADVOCATE) 31 December 2016

Will of mortgage property

Sir,

I have purchase a flat on loan. The dastavez of property is in the name of me and my mother.

Now I want to assign my share of property to my mother after that I will be no longer owner of my property.

After assign my share of the property to my mother I want my mother make a will of the property in the name of my sister.

Are these things possible if the property is mortgage. Kindly give your expert view on the said matter and please suggest procedure of the same.

Thanking you in advance.

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2 Replies

Kumar Doab (FIN) 31 December 2016

I have doubts on assignment.

The lender can object.

It has charge on property.

The WILL might pe possible by you and mother.

Still the lender has first charge on the mortgaged property, until debt is fully paid.

Vivek H Bedarker (A) 01 January 2017

Tell the bank to transfer entire loan to mother and complete formalities. Hope she has source of income to convince bank. Mother may make will in favour of sister but will be executed only if she has paid loan and has freehold on house. Hope you are not planning any trick to claim the house from bank by some means. If yes then forget it because bank has 1st right and not you/mother/sister(will). If genuine then approach bank to convince them to transfer loan entirely to her based on her income.