Transfer of ownership, and mortgages

ihenry

Hi,

I'm after some advice on transfer of ownership and mortgages for home improvements.

The background is as follows - I am currently renting, and am looking at the possibility of moving into to my mothers home as she is suffering from ill health. In order for me to be able to move in it will be necessary to convert the old garage area into essentially a 'granny flat'. From the research I have done this would be likely to cost in the region of £30k, so in order to fund it we are discussing the plausibility of having part of the house signed over to me (effectively receiving my portion of the inheritance as stated in her current will early), in order to use that as a deposit against a small mortgage to perform the work necessary. For reference, her current mortgage has a few thousand pounds remaining, and the house was recently valued at around £140K.

Firstly - is this possible? If I become part owner of the house would I theoretically be able to secure a small mortgage (say £40K) against my equity in order to carry out the work?

Secondly, if it is possible - what would be the best (and cheapest) method of getting part of the deeds signed over?

Any advice would be greatly appreciated

Thanks