land registry

justamummy

My sister and I have inherited my mums house. We hope that I will get a mortgage to buy her out. To improve my chance of getting to mortgage are we better registering the house with the land registry in just my name or both names.
We had thought of just my name to save paying to change it again in a few months.

antrobus

justamummy wrote: »

My sister and I have inherited my mums house. We hope that I will get a mortgage to buy her out. To improve my chance of getting to mortgage are we better registering the house with the land registry in just my name or both names.
We had thought of just my name to save paying to change it again in a few months.

If you and you sister have inherited a house, someone will have to take the estate to probate. The personal representative of the estate is quite capable of arranging the transfer of title directly into your name should you end up buying it.

Mortgage lenders are quite used to the idea of agreeing to lend money to people to buy a house that they yet own, so it won't make much difference to them whose name is on the title.

kingstreet

I agree.

If you allow the property to change hands now, many lenders will not allow you to raise a mortgage on it until you've owned it six months.

Raise the mortgage now to purchase the remaining share from the estate, via the administrator/executor instead.

justamummy

Thanks. We already have probate.

kingstreet

Probate is the point the executor is able to dispose of the estate assets. He/she has not necessarily done that yet, if the asset is still held in the name of the deceased.

It is at that point this transaction should take place, IMHO.

Seek professional advice if unclear on how/why to do this.