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ADS is you own before Inheriting - Scotland
Donury236
Posts: 81 Forumite
I am trying to find this scenario in the examples but i'm struggling.
Partner and I own a house jointly.
I am inheriting a house and have to pay my sister her share - that will be funded by a mortgage.
I had planned to sell current property and so just have my dads, but I thought that it may be possible to remortgage this property and pay off the Scottish Exec share - increasing our LTV to about 74%, then get let it out.
Get a mortgage on my dads for 50% to pay to my sister. Overall given the assumed values the whole thing has a 58.8% LTV ratio and a mortgage for both of around £800-1000 a month, which once rental income of about £500 pm is added in our mortgage would be the same as we have now.
I have been told by a friend that they looked into renting out their house and buying a second - but the ADS put them off, and apparently it applies to remortgaging and mortgages regardless of if you have inherited. I cannot find any representations of my situation, just for if you inherited then bought.
Has anyone been in this situation?
I do plan to ask the solicitor but right now saving myself £25 phone call, haha.
Partner and I own a house jointly.
I am inheriting a house and have to pay my sister her share - that will be funded by a mortgage.
I had planned to sell current property and so just have my dads, but I thought that it may be possible to remortgage this property and pay off the Scottish Exec share - increasing our LTV to about 74%, then get let it out.
Get a mortgage on my dads for 50% to pay to my sister. Overall given the assumed values the whole thing has a 58.8% LTV ratio and a mortgage for both of around £800-1000 a month, which once rental income of about £500 pm is added in our mortgage would be the same as we have now.
I have been told by a friend that they looked into renting out their house and buying a second - but the ADS put them off, and apparently it applies to remortgaging and mortgages regardless of if you have inherited. I cannot find any representations of my situation, just for if you inherited then bought.
Has anyone been in this situation?
I do plan to ask the solicitor but right now saving myself £25 phone call, haha.
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