House Inheritence help

ljc3

Hi all,
I would just like some help or info about a recent circumstance.
Unfortunatly in recent weeks we have lost a family member and obviously there are things that need to be sorted out.


What I'm trying to find out is about the family home that has been left to my wife and brother-in-law. My brother in law has his own house and does not want the house that has been left behind. where as we are in rented accomadation . So moving into the home is a big possibility yet understandably this would mean buying our in-law out. I was wondering what is the best or what are the options around this. Would we be able to sign the house over to us and maybe remortgage to get the amount owed to brother ?


any help is much appreciated TIA

CLAPTON

whats the house worth
what sort of mortgage could you get abased on your income

ljc3

hi,
The house is worth round £140k and we would be looking to find around 20k to give to the brother due to him having other assests

G_M

Yes, you simply give him £20K (either cash if you have it, or get a mortgage), and then the Executers transfer the property into your name(s).

Is there inheritance tax to pay? That needs paying first, along with any mortgage on the property or other debts.

who are the Executers?

jonesMUFCforever

One has to ask the question - why would someone accept £20k for an asset where their share appears to be worth £70k and likely to increase in value over time?

If you go down this route get proper legal advice.

ljc3

No there wont be inheritance tax to pay. The executers are an uncle and an old accountant who we have just recently discovered has passed away. Would the housebe able to be signed over to us then remortgage it ? Would this help speed things up ?


thanks for the responses btw

Mojisola

ljc3 wrote: »

hi,
The house is worth round £140k and we would be looking to find around 20k to give to the brother due to him having other assests

jonesMUFCforever wrote: »

One has to ask the question - why would someone accept £20k for an asset where their share appears to be worth £70k and likely to increase in value over time?

If you go down this route get proper legal advice.

I understood the OP to mean that the estate would be split so that the brother has the other assets plus £20k from the value of the house which would equal the remaining value of the property.

My neighbour's children split her estate this way because one of them wanted to stay in the house.

ViolaLass

Do you have an income to back up that mortgage?

You might struggle to borrow that little but with the right deal, you could borrow more and overpay immediately.

ljc3

yes that is correct all assests added up together then split would leave us having to give 20k

ljc3

ViolaLass wrote: »

Do you have an income to back up that mortgage?

You might struggle to borrow that little but with the right deal, you could borrow more and overpay immediately.

I subcontract and earn around 20k a year while the wife is part time around 5k a year

Mojisola

ljc3 wrote: »

I was wondering what is the best or what are the options around this. Would we be able to sign the house over to us and maybe remortgage to get the amount owed to brother ?

Your brother could agree to altering the terms of the will so that you take the house and he takes the other assets.

At the same time as this is arranged, set up a loan agreement with him for £20k (or whatever the final sum is). Pay him monthly just as you would your rent.