Help.. mortgage after probate

Leigh777

My husband and I are buying my late mothers property. My sister and I are the beneficiaries and we have probate. We need to buy out my sister and clear the outstanding mortgage.

All was going ok, until today I was told by Halifax we won't be able to get a mortgage until 6 months after probate, taking us to mid Dec! we have already had an offer on our own property. I'd previously spoken with NatWest who never mentioned this, although I've had such hassles with them hence me calling Halifax.

Is this right,
Are there lenders who don't go by this rule?

Thanks in advance

LRmortgage

Due to the fact this is a probate property, there are some lenders who may be willing to waive the 6 month rule. There are some lenders who don’t have the rule at all.

Rather than blindly applying, you need a broker on this for you who will place your application with a Lender who they know are ok with your situation.

davidmcn

I suggest you get whoever you spoke with to check with someone more knowledgeable (or get your solicitor to do so) - there's no reason for the 6 month rule to apply in the case of probate.

amnblog

The 6 month rule does apply with Probate.

Speak to a good mortgage broker who can introduce you to a suitable Lender. These Probate cases are all about organisation and timing.

davidmcn

amnblog wrote: »

The 6 month rule does apply with Probate.

What's the logic behind it? Arranging someone's death would seem a rather extreme element of any mortgage fraud or money-laundering scheme...

kingstreet

Horse's mouth. Halifax criteria, today;-

The following cases are exceptions where it is acceptable for the property to be sold on within six months of acquisition by the seller.

Where sales are by:

A personal representative of the registered proprietor; or
An institutional mortgagee exercising its power of sale; or
A receiver, trustee-in-bankruptcy or liquidator; or
A developer or builder selling a property acquired under a part-exchange scheme.
A registered Housing Provider (Housing Association) exercising a power of sale.

We will also accept Inherited properties where the applicant is a beneficiary but has not owned the property for 6 months. The conveyancer will be responsible for ensuring the application meets the acceptable criteria.

TBH it would have been smarter to purchase the property from the estate prior to distribution.

davidmcn

kingstreet wrote: »

TBH it would have been smarter to purchase the property from the estate prior to distribution.

The OP doesn't give me the impression that it has been distributed.