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Remortgage or first time buyer

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1 reply 317 views
TheGinjaNinjaTheGinjaNinja Forumite
1 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
My grandmother passed away approx 18 months ago, her house, which i have lived in for the past 3 years and still do (i pay rent to the other owners), was left split between my father and two uncles who each got 25%, myself and my sister who have 12.5% each.

I have decided that i want to buy the property from my family. Everyone in the family is happy for this to go ahead, we got it valued by a number of sources and all agreed the sale price.

I approached a mortgage broker to get an idea on my options, he suggested a remortgage deal with some cashback and a free solicitor. I agreed and started the process.

My father approached a solicitor to handle the sale from the estate side as the executor . They have since declared that they will not process this as a remortgage transfer only as a sale. Thier reasoning is that as I don't have a mortgage I can't get a remortgage. However the solicitor I have been dealing (provided by the mortgage company) seemed to be fine for this to happen.

I am becoming a little confused by the whole process, who is correct?

Any help and advice would be greatly appreciated

Replies

  • kingstreetkingstreet Forumite
    36.3K posts
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    It's a remortgage of an unencumbered property, as you already own some of the property.

    The funds are being used to purchase the equity of the other owners.

    There are nuances and you need to know the different perspectives from where eg a broker stands compared to a solicitor.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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