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Inherited half of parents home....
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argyll309
Posts: 4 Newbie
Newbie - Looking for some advice due to inheriting half of my mothers home. My sister is entitled to half and has plans which she would like to happen fairly quickly. I am not in a position to buy her out but would like to hold onto the property. I did visit a Financial Advisor and we discussed Buy to Let a stumbling block may be that I do not own property myself but I believe this may go ahead if I prove I have for six months but my sister is concerned about how secure this would be for her and if she is willing to wait this long. I will try to make an appointment with my bank next week but would appreciate any advice thanks...
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Comments
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You did the right thing by consulting an adviser.
Are you not confident in the advice provided?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thank you for your reply. It is my sister who is not sure she would like a guarantee that she will receive her inheritance when it all goes through..0
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Your sister will get her money. That's the Executor/Administrator's job. Presumably you'll be purchasing the property from the estate?
Why are you considering buy to let?
Can you afford this as a residential purchase? Any lender willing to lend to you on a BTL basis is going to look carefully at your personal income and if you can't afford it they will think you are buying it to live in and trying to game the system by using the BTL route as you won't pass residential affordability.
Is the property near to where you live/work, or a good distance away?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.0 -
Who is the executor ?0
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I am the Executor. I hope to live or sell the house when I retire but until then it would be available to rent. I live in a small town and house only a few minutes journey thanks...0
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