Inheritance, probate and mortgage

Astrajam

Hi, first time poster so please be gentle. Hope I'm in the right forum too!

I'm due to inherit some money from my late parents estate, once probate has been granted (in the next couple of weeks hopefully). The house will then be put onto the market.

My question is I'm going to use some of the money as a deposit for a house of my own, when can I start looking and/or applying for a mortgage etc.? I will obviously contact a mortgage advisor in order to apply for a mortgage, but do I physically need the inherited money in my account before I consider anything?

Thanks for any help/advice in advance.

holly_hobby

I would really hold off until you at least have a buyer and have exchanged contracts until you start seriously looking and putting in offers.

Only my opinion, others my differ .... but all kinds of delays can happen when selling houses (compounded by poss probate issues too).

Hope this helps

Holly

hcb42

You can look,but I wouldnt look seriously, until you have the cash in the bank, too many hurdles in between..I certainly wouldnt apply for a mortgage until cash was in the bank

Simon_gloster

Most lenders will want to know the current placing of the deposit. Tied up in an inherited home is not acceptable. Once funds are nearing your bank account then you'd have confidence in being able to obtain a mortgage in principle as deposit would be from the proceeds of a sale.of which you are legal owner-ish.

sealady

I was in a similar situation a few weeks ago! I did not have to wait for a house to be sold but had to wait for the inheritance to come from another country. I saw the perfect house but because I did not have the physcal money the seller would not accept my offer. Rather wait until you have the money. It could take some time to sell the house and at least when it is sold you are in a much better position as your not in a chain.

BobQ

I agree with the other posters that you need to have the money or at least a reasonable certainty of it being in your account by the required day. That said there is nothing wrong with making preparations for a purchase provided that you are open about the situation with those you are dealing with.

You refer to an inheritance and the need for an house sale by the estate. The assumption is that you will not recveive any money until the house sale. Obviously if you are going to receive some money from the estate first and more whan the house is sold, combined with any other savings you have, you may have more wriggle room.