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Inherited house and buying out

13»

Comments

  • kelloggs36
    kelloggs36 Posts: 7,712 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Tom99 wrote: »
    I can't follow your logic. If she borrows £162.5K plus an extra £25k to pay you £187.5K she will be left with £50k in her pocket?

    And so will I as she then pays half of what is left.
  • xylophone
    xylophone Posts: 45,983 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You declared the loan of £50,000 as an asset of the estate.

    You have paid out the specific pecuniary legacies from the exor account.

    You and your sister are beneficiaries of the loan asset and of the house.

    Why doesn't your sister pay you £25,000 and then borrow half the value of the house which will be paid to you once the mortgage formalities are complete?
  • kelloggs36
    kelloggs36 Posts: 7,712 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Because she needs the money to buy furniture and do up the house. I coupd ask though I suppose.
  • xylophone
    xylophone Posts: 45,983 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Because she needs the money to buy furniture and do up the house. I coupd ask though I suppose.

    Then she can pay you your £25,000 now and take a larger loan against the property?
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