loan against inherited house.

getmore4less

This should be relatively straight forward if debt can be raised against the property.

the transfer money raised and bills paid all happen at the same time.

jt2k13

Crabapple wrote: »

From the sounds of things, this is your wife's mother and brother?! Does she have a reasonable relationship with her brother such that they can get things sorted without their mum knowing?

Well, we thought we had a reasonable relationship with him until this happened, just goes to show what money does to people!

Think I may have to go to the solicitor and ask again about transferring the property

jt2k13

getmore4less wrote: »

This should be relatively straight forward if debt can be raised against the property.

the transfer money raised and bills paid all happen at the same time.

not sure I 100% follow.

Thanks

getmore4less

jt2k13 wrote: »

not sure I 100% follow.

Thanks

It's very similar to buying a house.

You get a loan/mortgage against the property(if income will support one) of the place you want to own

The property is transferred to you and you pay the solicitor a lump of cash.

Solicitor pays the bills.

You need a decent mortgage advisor to assess your ability to raise another mortgage.

If you have bad credit and/or extended borrowing that will not support further borrowing it may not be possible.

getmore4less

How much is your current house worth/selling for and mortgage

How much is the inherited place worth.

How much will be needed to do it up on top of the estate debts.

What income do you have and any other liabilities, debt, kids etc.

Mojisola

jt2k13 wrote: »

and the grandson (under pressure from his mother - there is a lot of family history) is threatening action to get his piece of the pie.

Would he change his mind if you point out that if the ownership of the house can be changed and a loan raised on it that he will get his money relatively quickly whereas if the house has to be sold before he can be paid, he may be waiting a year or more?