buying me out of the estate

peterpedro1980

Hi all,

i have been granted probate in regards to my mums house, me and my sister have inherited it half each.

she is wanting to buy me out

my question is, how does this work?

will i get all the money then give her half once a mortgage has been accepted , or as she will be buying me out, does she get all the money then give it to me?

sorry if its a silly question ive no experience of this

Alter_ego

Presumably she wants to live there so she'll have to get the money to pay for your half- mortgage or savings etc

nom_de_plume

You mention a mortgage so, I presume she will need to apply for one. The lender will want to release the funds to a solicitor who will in turn release it to you once the conveyancing process has been completed to transfer the entire property into her name. It's not a DIY job, you / she will need professional advice. A mortgage broker may be a good starting point.

getmore4less

option 1.

Keep the property in the estate she buys the place(with mortgage if necessary) from the estate and transfers funds to the estate. you get your share.

depending on the value there could be SDLT involved.
No idea if this can be avoided with things like DOV. that needs specialist advice

There are other options but most will complicate and may even cause significant delays if the 6month rule that mortgage providers have.

Lenders are used to people buying properties from estates, her deposit is her share.