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Dandy13
Posts: 5 Forumite
A family member has died, and the house is split between 3. We want to buy the house to keep it within the family but have no deposit. My partners mum which is one of the three going to receive the money from the sale of the house has said to us that she will give us the deposit to buy the house from her share. Is this possible? Thanks
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Yes. It is called gifted equity.
Many lenders will allow it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Is this the case as she said agreed to £5000 not her whole share
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There are no limits upper or lower in the main.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks would this affect the other 2 parties with their share of the house?0
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So have you got some savings of your own ?
How much is the property worth ?
An estate agent might give a different valuation to a surveyor !
Does the property need any work.
The 3 people who are going to inherit will save estate agents costs if they sell direct to you.
You also need money for legal costs and survey, searches, mortgage fees and stamp duty.0 -
No we do t have any savings as it has come quite quickly however both me and my partner are in good jobs so able to afford the payments.
In just useless in understanding all this as I've only ever rented and thought this would be a good idea to get into the property ladder.
Property is valued by a surveyer at £69.950
Me personally would say yes it does need work. I.e it is a shower wet/room no bath. New kitchen will be needed but not urgent.0 -
It wont affect the other 2. They will still get their full shares if that is what they want. It will be down tot he solicitor to sort that end out.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Brilliant thanks 0
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