Buying someone out of house

rambo29

Not sure if this is right thread to be on but here goes. My father in law has told the family that when he dies his mortgage free house is to be split between my wife and her two brothers. As the brothers both have houses and my wife and I just rent they have agreed that we can have the house if we pay them what they would be entitled to if house was sold. Basically we are not sure how we go about doing this. Any advice?

kingstreet

You purchase the property from the estate.

Your deposit is your wife's equity in it and the mortgage amount borrowed should be sufficient to pay the shares of the two brothers.

Don't transfer it first, then try to remortgage it or you'll probably have to wait six months after the change of ownership as some lenders insist on that time elapsing between changes of owner.