Buying sister out of inherited house. No will.

dodgeygeezer

Hello. 
Me and my sister have inherited our Dad's home 50/50 as no will was left. He had finished paying the mortgage off too. I'm looking to buy my sister's half and I'm not really sure where to begin. I believe the house is worth around £110k and I have been granted Letters of Administration. 
I have a few questions:
Do I have to put the house in to both our names first before I can buy her half? 
I will need a mortgage to buy her half. Would I still need to have a deposit even if I already own half the property?
How much would a solicitor roughly cost to sort all of this out?
Thanks

AdrianC

dodgeygeezer said:

Do I have to put the house in to both our names first before I can buy her half?

No. You simply pay your sister £55k in lieu of her half of the property.

I will need a mortgage to buy her half. Would I still need to have a deposit even if I already own half the property?

You are looking for a 50% LtV mortgage, not 100%. You have 50% equity in the property. That is your "deposit".

xylophone

Do I have to put the house in to both our names first before I can buy her half? 

No - it can be transferred into your sole name.  You should get the property valued and ask your sister if she is content to sell her interest to you.

You might wish to approach a mortgage broker to find the best loan for your circumstances.

You can then find your solicitor and go through the process in the normal way - the solicitor will deal with the mortgage and charge and pay your sister once the mortgage is complete.

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/much-conveyancing-fees-cost/

FreeBear

xylophone said: You should get the property valued and ask your sister if she is content to sell her interest to you.

It would be prudent to ask if she is willing before doing anything else. If she is agreeable, get a RICS valuation as opposed to an estate agent valuation - The former is more likely to reflect the true market value, the latter, more of a "what we think it could sell for". Agree the valuation in writing, and then you are all set to sort out funding. No rush to transfer the property in to your name and no need to include your sister as an owner - Doing so may cause problems if she is still a FTB (would lose any FTB incentives).

greatcrested

When choosing a solicitor, make sure they are on the panel for whichever mortgage lender you use.