Any change to the title deeds would require the consent of the mortgage lender, which would not be forthcoming.
Further, if your father declares himself bankrupt (or if others petition for his bankruptcy) the Official Receiver will almost certainly rule that your father had not lawfully disposed of his beneficial interest in the property:
http://www.insolvency...eleafletspdf/home.pdf
If your father is considering bankruptcy he needs to read this:
http://www.insolvency...guidetobankruptcy.pdf
Chris