I would like some advise on a couple of things...
- My dad currently has 10 buy to let properties.
- All on interest only mortgages.
- He manages them all and he's now getting a bit old (68).
- He would like to offload the properties to us kids, or sell them.
- There isn't much equity in the houses, so make a profit.
- Time is not on his side!
The issue is he's making a good profit on all houses in terms of rent vs mortgage and will continue to do so even if the rates rise by a couple of percentage.
He would like to hand over a couple of houses to me but the mortgage providers are not happy with his credit so they wont put me on the deeds.
What are our options? Having them managed by an estate agent has failed on several occasions.
Is there a way we can combine all the mortgages into 1?
Can we create a company to hold the mortgage debt?
Is it possible to get a commercial mortgage to cover all properties?
How can he hand over the houses to us kids without getting stung by capital gains tax?
Any advise is much appreciated.