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Advice/Suggestions please - buying inherited house from 2 family members
PeachesMagoo
Posts: 1 Newbie
Hi all, just wondering if anyone can offer some helpful advice or suggestions with this matter or has been through anything similiar themselves.
My grandfather died recently and his estate passed to my father and aunt, this includes his house. I would love to purchase my grandfathers house but I'm not really sure the best way to go about it... here's the story -
The house is in a very poor decorative state and needs total modernisation, including new kitchen, bathroom and central heating system. My father is currently arranging for valuations from different estate agents in the area, the current state will no doubt effect the valuation.
The house when decorated/modernised may be valued at about £160k, but my guess is that it will be valued at closer to £140k currently.
My husband and I bought our current home (first home) when the housing market was at it's peak so by my estimation we are in negative equity. We have a mortgage of £132k and my guess is that the house would be valued at £120kish.
How do we go about buying my Grandfathers home - I don't want anyone to be ripped off, but I also don't want to pay over the odds. And what do we do about the mortgage, negative equity problems and transferring this to another house.
Given the state of the house we will need to have some money to carry out the necessary work.
Any comments/thoughts would be welcome.
Thanks for reading.
My grandfather died recently and his estate passed to my father and aunt, this includes his house. I would love to purchase my grandfathers house but I'm not really sure the best way to go about it... here's the story -
The house is in a very poor decorative state and needs total modernisation, including new kitchen, bathroom and central heating system. My father is currently arranging for valuations from different estate agents in the area, the current state will no doubt effect the valuation.
The house when decorated/modernised may be valued at about £160k, but my guess is that it will be valued at closer to £140k currently.
My husband and I bought our current home (first home) when the housing market was at it's peak so by my estimation we are in negative equity. We have a mortgage of £132k and my guess is that the house would be valued at £120kish.
How do we go about buying my Grandfathers home - I don't want anyone to be ripped off, but I also don't want to pay over the odds. And what do we do about the mortgage, negative equity problems and transferring this to another house.
Given the state of the house we will need to have some money to carry out the necessary work.
Any comments/thoughts would be welcome.
Thanks for reading.
0
Comments
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where will u get the money for the deposit to buy granddads house with ?0
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