Getting a mortgage before or after Probate is granted?

tammypoopants

I am sorry if this has been covered before but I could not seem to find the thread that relates to my question.

My Dad has left his house to both my sister and I and I am in the process of trying to get a mortage to buy her out (freehold flat - nightmare to get a mortgage!). My problem is that the Probate solicitor is tell me that we need to have a mortgage in place before Probate can be granted and our Mortgage company are saying they want Probate granted before they will give us a mortgage.

I am just a little bit confused - who is right and how do we solve this problem. Any ideas?


Thanks

mwahaha

What did the solicitor say? If you're simply buying your sisters share then that won;t happen until after probate. Is it instead an inheritance tax issue? If there is IHT at least a portion of that does have to be paid before probate.

You can't get a mortgage on the property until after probate, otherwise there would be chaos if the will turned to be invalid and it was instead left to another party.

Thrugelmir

mwahaha wrote: »

What did the solicitor say? If you're simply buying your sisters share then that won;t happen until after probate. Is it instead an inheritance tax issue? If there is IHT at least a portion of that does have to be paid before probate.

You can't get a mortgage on the property until after probate, otherwise there would be chaos if the will turned to be invalid and it was instead left to another party.

Sounds if there is an IHT liability to pay. That the solicitor has insufficent funds to settle without realising the property proceeds.