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If i am inheriting an estate

Dan-Dan
Dan-Dan Posts: 5,279 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Mortgages & endowments
which is a house , and we have accepted an offer on that house (informal , and a gentlemans agreement at this stage) , when i go to a mortgage provider , am i a FTB ?
Never, under any circumstances, take a sleeping pill and a laxative on the same night.

Comments

  • tonyh66
    tonyh66 Posts: 1,736 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    why do you need a mortgage, if your selling a house you inherited?
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Yes, as presumably the house is still in the name of the deceased, not you?

    Doesn't really make any difference anyway, as few lenders have deals specifically for FTB's
    I am a mortgage adviser.
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    tonyh66 wrote: »
    why do you need a mortgage, if your selling a house you inherited?

    because the income generated isnt enough to purchase the potetnial value of home we want to buy ?
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Wh05apk wrote: »
    Yes, as presumably the house is still in the name of the deceased, not you?

    Doesn't really make any difference anyway, as few lenders have deals specifically for FTB's

    It is yes , and then i think the executors (myself and my bro) would sell it after obtaining probate on the basis that it would transfer from my nans (deceased) name straght into our buyers name...
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Dan-Dan wrote: »
    It is yes , and then i think the executors (myself and my bro) would sell it after obtaining probate on the basis that it would transfer from my nans (deceased) name straght into our buyers name...

    You never actually own the property the estate does. You'll receive the proceeds of the sale as part of the distribution of the estate under the terms of the will.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    spot on , just worded better than i could of!
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • kingstreet
    kingstreet Posts: 39,400 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Dan-Dan wrote: »
    spot on , just worded better than i could of!
    ... or could have, if we're talking about wording! :D;)

    Pedant mode off now. I'll get back to work... :)
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    lol , my school days are long behind me , but yes , that was a shocking bit of grammar!
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    Dan-Dan wrote: »
    when i go to a mortgage provider , am i a FTB ?
    The definition of FTB is flexible according to who wants to know. In your case, it will depend on the lender's definition so if it is relevant, you need to check their definition. Under the old Stamp Duty exemption, if you ever held an interest in a property, you would never be an FTB. Academic now, but it might have hinged on whether the will was that you get the proceeds of sale of the property or you get the property.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
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