Complicated sale of inherited house

add-2012

Ok here goes.....my mother has inherited a property which needs to be split between her 2 sisters and brother.

My parents want to move to this property so need to buy out her siblings, in order to do this they need to sell the family home.

They would rather sell the home to me, but unfortunately I do not earn no way near enough to afford the mortgage.

Are they able to sell it to me at a price I can afford? Or can they transfer the deeds to the house to me and then I get a equity loan/homeowner loan to pay off my family members on the other house?

Sounds complicated - but any help or advise would be great, or if there was another way around them not losing the family home.

Cheers

Old_Git

how much is the family home worth .
how much can you afford .
How much do they need to buy the rest off the family out of the inherited house .

dimbo61

How much they sell there home for is up to your parents ?
How much do they need to buy out the other 2 sisters and brother ?
Do the houses need work doing ? Before sale ?
Might be a good idea to see how much you can borrow.
Mum and Dad might be happy to take on a small mortgage to get the family home ! And allow you to buy there old house !

add-2012

Thanks guys.

My parents need to give them £87500 each - so its £262500 in total.

Their home is worth £365000 (no mortgage)

Neither house needs anything doing to it.

I can get a mortgage of up to 225000.

G_M

add-2012 wrote: »

Thanks guys.

My parents need to give them £87500 each - so its £262500 in total.

Their home is worth £365000 (no mortgage)

Neither house needs anything doing to it.

I can get a mortgage of up to 225000.

So you get a mortgage of 225K and give this to your parents. Do you have any other savings you can give them?

Your parents use the 225K (plus any more you give them) to give to the sisters/brother.

Your parents then need to find another £140K to make uo the full £365?

Where will your parents find this £140K?