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Help to buy and property inheritance
Ledwidge
Posts: 7 Forumite
Hi,
Myself and my wife are buying a new property using help to buy.
In the meantime I have inherited a 1/3 share in a buy to let property that my late father owned.
I’m worried this may jeopardise our HTB position.
Some say,
Create a limited company and transfer the deeds
Some say leave it alone until we complete
I really need some advice as we are due to exchange next week.
Thank you in advance
John
Myself and my wife are buying a new property using help to buy.
In the meantime I have inherited a 1/3 share in a buy to let property that my late father owned.
I’m worried this may jeopardise our HTB position.
Some say,
Create a limited company and transfer the deeds
Some say leave it alone until we complete
I really need some advice as we are due to exchange next week.
Thank you in advance
John
0
Comments
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When you say you "have inherited" it, do you mean the executors have already transferred it into your name? Or are they still administering the estate?0
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Hi David
Well, quite complex.
I had no idea this was part of my fathers estate and he passed away 9 years ago.
It has now only come to light as the other two parties wish to re mortgage for a better deal.
Nothing has happened yet but we have a meeting Wednesday to discuss hence the help required...
Thanks0 -
I think that means you already own a property and am pretty sure that means you aren't a first time buyer.0
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Ive asked HTB the question and they are so non commital it’s untrue0
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Yes it is but not in my name still in my fathers name0
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Also, what on earth has been happening with the rent and management of the property over the last 9 years?0
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If you've been the part owner of a BTL for the past nine years, where is your share of the rent? Have taxes been paid on that share? That would be my first question to your co-owners.
I would also consider asking them to buy you out as part of their remortgage plans. You might not be FTB any more from the point of view of HTB, but with any luck you could get a nice little lump sum out of it to help you on your way.0 -
It has been managed by the two other parties....0
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Thank you.0
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