Father as co-owner and co-borrower

As your father is a co-owner, he can always make a will in respect of his share in the flat and give it to anyone of his choice. Your sister will also be added as his heir after him. You can ask him to execute a release deed in respect of his share in the flat and get it registered.

Thanks very much Ma'am..

Is the release deed like a gift deed..? in which case I can ask my father to transfer 50% of the property share to myself. I understand I need to pay accordingly the stamp duty on the gift or release deed. I also understand I still need to inform my bank(as they hold the original sale deed and I still need to close the loan) before going ahead with this..

Many Thanks again,

Alfa

 You have to seek Release all his rights and interest in the property from your father in your favour through Release Deed, so that you will become sole and absolute owner of the property. 

Thanks again Ma'am..

Had one doubt still.. does he need my sister's consent before signing the release deed? I understand that I need to get two witnesses signed too.

Best Regards,

He does not need to obtain your sister's consent for executing a release deed. It is his choice. Witnesses can be any other person also.

Thanks very much again.. How do I get a release deed done? Could I download the format from the internet or consult a lawyer in the city I live in and get it drafted and prepared?

Best Regards,

Alfa

From the internet you may get an idea about the release deed, but you consult a local lawyer with all the documents and he shall prepare the draft as it is necessary as per your case.

Thanks a lot again Ma'am.. had one final question(at the moment).. if my father goes ahead and makes a will naming the flat even after signing the release deed(just imagining a worst case scenario).. then will the release deed still hold good(as it will be at an earlier date)?

Vice versa, signing the release deed at a later date to making a will(the will made at an earlier date), will make the release deed override the will regarding the flat. Is that correct?

Best Regards,

Alfa

Archanaben all answer is right and u search in net www.vakilno1.com , www.agreementforms.org

@alfaalfa,

If your father executes a release deed and register it, then even if he makes a will thereafter in respect of that property, it'll be of no consequences, the release deed shall prevail. In either case as stated by you , the registered release deed executed by him during his lifetime shall hold good, so don't worry.

Thanks a bunch Ma'am! Have nice weekend..

Best Regards

alfa

Sorry for the typo.. I meant "Have a nice weekend, Ma'am"..

Best Regards

alfa