How to buy out the other share of an inherited house

SpaceMonkeyRanger

My Gran has just sadly died and in her will she left 3/4 of her house to my parents and the remaining 1/4 to another family member.
My Parents currently live in the house and have done for the last 14 years whilst they were looking after Gran.

The other family member understandably wants to cash in on the inheritance and since the house will not be sold they want my parents to buy out their 1/4.
My parents cannot afford to buy the 1/4 of the house that they do not own and frankly don't want to go through that hassle, due to illness, age etc.

If I wanted to buy out the other part of the house would that be possible? and what mortgage would I need to take out?
The slight added confusion is that I do not live in the UK and so the mortgage or whatever deal would need to allow that in its conditions.

kingstreet

I don't see how you can do this.

You're out of the UK, so no mortgage from a UK lender is going to be possible.

No way to avoid involving your parents, I'm afraid, even if it was you buying the share. They'd still have to be part of any mortgage related solution.

Your parents are presumably too old for a standard mortgage?

What about an equity-release type product?

Interest only could be paid or it could be rolled-up and repaid on the sale of the property on the passing of the second of them?

You need specialist advice from an IFA or broker with equity-release permissions.

herbiesjp

What is the property value, and the value of the 1/4 share?

Do your parents work? If so what do they earn? Or what other income do they have? How old are they?

holly_hobby

Kings are any providers still marketing ex-pat mortgages ?

H

herbiesjp

Yes - ex pat mortgages do still exist.

holly_hobby

Suggest the OP seeks advice from a whole of market broker, re suitability for an ex-pat mge (of course they may not fit if their employment status isn't within criteria, and/or there is no repatriation date in place).

H

herbiesjp

The OP cannot buy the share of the property though on his own. As you say, it is best for the OP to speak to an adviser in detail who will come back with a plan of action, if it is at all possible.

SpaceMonkeyRanger

The market value is around 500,000; Parents are in the their 70's and both are retired on their pensions.
Hmmm this isn't looking very positive. I will go to a solicitor but I was really looking to get some idea and understanding of what the options were, there don't look to be too many.