House Inheritence help

PasturesNew

It can be difficult to raise a mortgage of £20k, so you might think about borrowing a bit more and doing the house up with some basic mods.

Or... if the brother in law's OK for money etc, then maybe you could pay him the £20k over, say, the next 2-3 years. You're renting at present, you could work out how much interest he'd have earnt on £20k and pay him what might be roughly £600/month for 3 years.

Obviously you'd need to get it all tied up in writing and pay him without fail every month - and he'd need to "not need the money" now and be happy with it.

ljc3

thank you all very much. I will be speaking with the brother in law and show him this thread

getmore4less

ljc3 wrote: »

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

That could slow things down as not all lenders will do a mortgage so soon after the transfer.

often best to buy off the estate

If the living executor does not want to do administration you and/or brother could do it or another beneficiary.

G_M

ljc3 wrote: »

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

The executer will need a Grant of Probate in order to transfer the property (ie to prove to the Land Registry that a property owned by a deceased is being legitimately put into a new name.)

Uncle should complete PA1 in his name, and tick the box for deceased against the accountant's name, enclosing the will.

The grant will then be issued to uncle.

That allows him to transfer the property.

Whether the brother in law insists on receiving his £20K at the same time as the Transfer (necessitating you finding the money to pay him), or is prepared to wait (and get his £20K in a lump sum later, or indeed in installments) is something you could discuss and agree.

xylophone

Your BIL might agree to a deed of variation whereby the house goes to your wife and the other assets to him and to making you a loan of £20,000 which you could repay either from your income (if he would be happy with that) or by mortgaging the house subsequent to transfer.

£20,000 is very small for a mortgage so you might need to consider borrowing more - interest rates are low at the moment so you should be able to secure a favourable deal.

Borrowing more would enable you to refurbish etc.

You and your BIL could discuss the way forward with the executor and your solicitors.