Wanting to reserve

diggingdude

if i were you i would rather the estate sold the house and gave you proceeds than transfer it 50% into partners name

getmore4less

The key seems to be visibility of funding.

If the house is still in the estate then hubby does not legally own another house.

What does the will say?

This may be critical to when beneficial interest happens and if that messes up HTB(I am not sure)


then there is the issue with your sale delay just creates more uncertainty in case they pull out or can't complete.

Where is this other house?
Could you move into that and complete your sale?

Might also help selling it if it is occupied.

What does the current funding look like how big is the shortfall without the equity from the inherited house?

your cash
your equity
max mortgage
HTB.

Inheritance, are there other assets in the estate, could you access those to make up the shortfall and hubbies brother gets more from the sale of the house.

ethank

Bethan1991 wrote: »

We’re just waiting to hear back from the solicitors about that. As far as we know the house is still under his Grandads name and we got told by his Aunt (who is the executor) that they didn’t have a choice to keep it, they had to sell it but I’m not sure why that is?

Do you think this would make us eligible for the help to buy scheme?

If it has not been transferred into your name, then you are eligible for HTB as you do not own a property.

kingstreet

Verix wrote: »

So you'd have the pay the higher rate of stamp duty on the new home in all likelihood if you can't sell in time, but you could claim this back once the inherited house eventually sells.

Not their former main residence, so refund doesn't apply does it?

I would have suggested the BTL remo route too.

Bethan1991

Just wanted to say a massive thank you for all the replies! I’m so clueless when it comes to these things... 🤦

I’ve heard from the solicitors now and his name is definitely not on the deeds. I’ve got in contact again with the financial advisor we’ve been talking to and he’s going to look into if we would be accepted for help to buy tomorrow morning after he's got confirmation from the solicitor that what we’ve told him about my husband not being on the deeds is the truth. He’s on holiday today otherwise he would have done it today for us...

So yeah I think that’s going to be our quickest way and then we will eventually have the money to pack back the help to buy before the 5 years interest free period is over (in theory) 😬. If non of this goes to plan I will have a look at the BTL option.

Again thank you for all the helpful information! I really appreciate it 😊

xxx

AdrianC

Bethan1991 wrote: »

So we rushed to get our house on the market and are now luckily sstc.

...but we have a big problem. Basically my husband inherited a house (which he will get half of along with his brother) last September and is currently on the market but is not yet sold and we need the equity from this to put towards the new house. The house we want won’t be complete until Autumn and they told us it’s likely to be the end of October and the people that have bought our house have had to go out of their way to extend staying their rented place and have very kindly done that so we can stay in our property until the one we want is completed.

We just keep being told that we can’t reserve until my partners other property has been sstc also...

Does anyone know if there would be another way to reserve with out the other property being sold?

Ultimately, you have a chain - AIUI, you simply cannot afford to buy the new place until both of your sales complete. And since you don't haven't accepted an offer for one of them, you aren't in a proceedable position.

Some of your funding - one sale, mortgage - is in place, but that's going to leave you short of the purchase price, right?

Bethan1991

AdrianC wrote: »

Ultimately, you have a chain - AIUI, you simply cannot afford to buy the new place until both of your sales complete. And since you don't haven't accepted an offer for one of them, you aren't in a proceedable position.

Some of your funding - one sale, mortgage - is in place, but that's going to leave you short of the purchase price, right?

Yes that’s right, ideally we would wait until the other house is sstc but we’re so desperate for this house. The plot we initially wanted is already gone but there is one more plot of the same house. All of the other houses on the site are either wayyy to pricey or not really much of a size upgrade from what we already have. It’s just the ideal house type and location for us and I know we won’t have this opportunity again. They are planning on building a future site I believe adjacent to the one we wanting to buy from after the houses been completed one the first site but I think that will be a long way off and we are getting so fed up of our current house as we don’t want to do any work to it if we will be eventually moving. Hope that made sense?

Many thanks x

AdrianC

Bethan1991 wrote: »

ideally we would wait until the other house is sstc but we’re so desperate for this house

Ooookay - but you can't currently afford to buy it.

If you reserve, then in a few months exchange, what happens if nobody comes up with money to buy your other place...?

Bethan1991

AdrianC wrote: »

Ooookay - but you can't currently afford to buy it.

If you reserve, then in a few months exchange, what happens if nobody comes up with money to buy your other place...?

Yes thats true. We can’t afford it without the help to buy or the sale of the other property but I’m just thinking surely the other property has to sell even if it means lowering the selling price a bit and I would assume that would happen before the 5 years of interest free ends on the help to buy. Then it can be paid back all in one go or in chunks of 10%. I just thought since we would get the whole amount from the other property that it wouldn’t be too much of a risk as we know we will have it eventually to pay it all off.

Thanks again x

getmore4less

IF the 20% HTB will get you the house then go that route

With new build premium unless there is rampant HPI in that area you should just have the extra costs that come with the HTB when the money from the sale comes through.

If it comes through before completion you can go with a regular mortgage.


Just make sure hubby never own that other house.