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Inheriting house mortgage
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livlou_2
Posts: 2 Newbie
Hi all,
My father may be giving me my grandparents home (my inheritance) early so I can live in it. The thing is, it has been left for the past 8 years with no one living in it and now it is run down and will need a massive renovation (Including installing central heating and removing lead pipes).
I'm looking for advice on whether I could have the house signed over to me and then somehow remortgage it? Whether I try to get a mortgage on it at the minute with the issue being in it's current state I may be offered less than I will need to do it up? Or whether I get a loan of roughly £30,000 to do it up enough to then take out a mortgage which would then pay off the loan?
This would be my first house and I would really like to bring some love back into this home but I don't want to go about things the wrong way.
Any advice is greatly appreciated.
My father may be giving me my grandparents home (my inheritance) early so I can live in it. The thing is, it has been left for the past 8 years with no one living in it and now it is run down and will need a massive renovation (Including installing central heating and removing lead pipes).
I'm looking for advice on whether I could have the house signed over to me and then somehow remortgage it? Whether I try to get a mortgage on it at the minute with the issue being in it's current state I may be offered less than I will need to do it up? Or whether I get a loan of roughly £30,000 to do it up enough to then take out a mortgage which would then pay off the loan?
This would be my first house and I would really like to bring some love back into this home but I don't want to go about things the wrong way.
Any advice is greatly appreciated.
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Comments
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Why has it been sitting empty for 8 years?
When did the grandparents die who did they leave it too?0 -
Basically Grandad was moved into a home and shortly thereafter passed and Nanna was moved into a home so she wasn't alone.
The house next door was Grandads sisters and between my dad, uncle and auntie it was decided the men would share the houses and auntie would have the money. Uncle bought out dad for the house next door so dad owns grandparents house.
My dad was set on doing it all up and renting it out once he has his pension which is in 2 years still. Now I'm trying to prove that the house needs somebody in it and the £15,000 he will get from his pension will not be enough to make the house suitable for renting out.0 -
I guess this proves a point from other threads, even with all the recent changes in legislation,and todays announcement , and more to come, people still blindly plunge into BTL.0
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Inherit and let the numbers stack up a little better.0
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If you earn north of £60,000 and have no other debts and good credit history you may well get a loan for close to the amount you need.
If not I would start saving and get as much work done without the need to borrow anything.
Assuming you have somewhere to live currently and no rush to move into it.0
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