Mortgage on an inherited property

alim88

Hi,

I'm super confused so maybe someone can help or has been in the same situation.

My partner is inheriting a third of a property, his 2 sisters are inheriting the other 2 thirds.
My partner and I would like to buy the house and pay the other two off which they are happy with. We are able to get a mortgage to buy the two of them out with additional funds to do some home improvements.

We are still awaiting probate back from the solicitor, but are a little unclear of the process now.

Do we have to wait for the house to go into all 3 of their names and then we jointly buy the two thirds off the sisters? Or do we buy it from the estate (before it goes into their names) and then he would receive a third of the money back as inheritance? The second way seems a very roundabout way to do it and would mean we would need to raise funds for the whole property price rather than the 2 thirds we actually need to buy.

Slightly confusing but hopefully the process of more straightforward.

getmore4less

You buy off the estate paying 2/3 into the estate.

tlc678910

Hi,
You don't want to put the house into the names of your partner and his sisters because many mortgages won't lend if a property has been owned for less than 6 months affecting you and most other buyers if you decided to put it on the open market.
Tlc

Thrugelmir

alim88 wrote: »

We are still awaiting probate back from the solicitor, but are a little unclear of the process now.

Use their expertise to ascertain the most appropriate course of action for your own circumstances.

kingstreet

getmore4less wrote: »

You buy off the estate paying 2/3 into the estate.

This...

tlc678910 wrote: »

Hi,
You don't want to put the house into the names of your partner and his sisters because many mortgages won't lend if a property has been owned for less than 6 months affecting you and most other buyers if you decided to put it on the open market.
Tlc

... and this.

With knobs on!

amnblog

As tlc and KS say, if you need to borrow here it is key to engage a mortgage broker before anything else is concluded.

Property going into the wrong names at the wrong time and all bets can be off for your intended lender.