Want to buy out 2/3 rds of an inherited house

Asianchick

Hi

I have inherited a third of my dad's house and would like to buy out the other two siblings.

Is there a special type of mortgage for this? What would it involve?

Thanks

CLAPTON

if you intend to live there then an ordinary mortgage would be suitable ..assuming you meet the lenders criteria of course

if you intend to rent it out then a BTL mortgage would be suitable

Asianchick

I just intend to live there. Thanks

How to people set the buying price in these circumstances. I will obviously get some valuations done but I think it is unfair to pay the full valuation price as if the house went on the open market that is not what they would get.

jayss

You will have to negotiate with your siblings.

BitterAndTwisted

Why do you think the valuation price would not be what the property would achieve on the open market? It's not been unknown for lender's valuations to be LESS than what optimistic sellers think they should get for their properties and therefore won't lend the full amount.

You could always suggest to each sibling that they arrange their own valuation and you accept the average of all three. Fair and square and no opportunity later for anyone to be disgruntled.

G_M

Asianchick wrote: »

I just intend to live there. Thanks

How to people set the buying price in these circumstances. I will obviously get some valuations done but I think it is unfair to pay the full valuation price as if the house went on the open market that is not what they would get.

The lender doesn't care who you buy it off, so the fact that you're buying out an inheritance is irrelevant for mortgage purposes.

They would get 1/3rd each of the full value surely? So that would seem to me a fair price to give each of your siblings.