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Obtaining a mortgage while property in in Probate
JRtheguitar
Posts: 2 Newbie
My partner has inherited a half share of her father’s property. Her brother has inherited the other half share. We have agreed (my partner’s brother, my partner and I) that I will buy the brother’s half of the house. My partner and I then intend to use this house as our permanent dwelling. The house has been valued by the executors of the estate at £330,000. Therefore I want to get a mortgage for £167,500 (I have sufficient annual income for this not to be a problem).
I have asked for a quote from an IFA who said the choice of lenders was much more restricted if one is buying a property under probate. He said it would be much easier, if it were possible to transfer the house to my partner’s sole name. My mortgage would then be regarded as a straightforward re-mortgage. However, there are potential complications with this, as it would effectively incur 2x fees. Therefore, I would like to proceed asap with purchasing the brother’s share directly from the estate, so he gets his half share in cash instead of bricks and mortar. Grant of Probate is imminent, so I understand from the executors. Can anyone give me advice on suitable lenders at reasonable rates?
I have asked for a quote from an IFA who said the choice of lenders was much more restricted if one is buying a property under probate. He said it would be much easier, if it were possible to transfer the house to my partner’s sole name. My mortgage would then be regarded as a straightforward re-mortgage. However, there are potential complications with this, as it would effectively incur 2x fees. Therefore, I would like to proceed asap with purchasing the brother’s share directly from the estate, so he gets his half share in cash instead of bricks and mortar. Grant of Probate is imminent, so I understand from the executors. Can anyone give me advice on suitable lenders at reasonable rates?
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