Six month delay

Jjamie

Hello, I’ve posted before bout not for a while. My mum died last year and I’ve inherited her half of the house. My name is yet to be put on the deeds but my mortgage query/application can go no further. Bank says I need to be on the deeds for atleast six months. I’m assuming this is because it would be classed as an equity release? I’m looking to purchase my dads share. Solicitors haven’t been very good in helping! I feel like I’m in stalemate 

Whats_your_forte

That's your specific lender's policy. Other don't enforce the 6 month rule. Worth speaking to a broker for a solution

Thrugelmir

Is there an existing mortgage on the property? 

amnblog

Remortgaging recently inherited properties should always be done through a Broker.

Its tricky work.

Jjamie

Thanks! I’ll need to find a broker who will accept benefits as income, in self employed but making next to nothing at the minute 

Jjamie

No there is no exsisting mortgage 

csgohan4

Jjamie said:

Thanks! I’ll need to find a broker who will accept benefits as income, in self employed but making next to nothing at the minute 

if you don't have much income, that's going to be a problem for affordability purposes.  As above get a broker, but you can only lend x4.5 of your gross income not including debts

davidmcn

I wouldn't have expected the six month rule to apply to inheritances. It's because the swift turnover of properties raises suspicion of mortgage fraud or money-laundering, but somebody's death is generally considered a non-suspicious reason for property to change hands. May need to find somebody sensible to talk to at the lender to get round that problem (though sounds like you may have other issues).

Jjamie

davidmcn said:

I wouldn't have expected the six month rule to apply to inheritances. It's because the swift turnover of properties raises suspicion of mortgage fraud or money-laundering, but somebody's death is generally considered a non-suspicious reason for property to change hands. May need to find somebody sensible to talk to at the lender to get round that problem (though sounds like you may have other issues).

They said it’s because I need to release equity to pay off my car finance and for the deposit. It’s very complicated 

Jjamie

davidmcn said:

I wouldn't have expected the six month rule to apply to inheritances. It's because the swift turnover of properties raises suspicion of mortgage fraud or money-laundering, but somebody's death is generally considered a non-suspicious reason for property to change hands. May need to find somebody sensible to talk to at the lender to get round that problem (though sounds like you may have other issues).

Other issues?

Thrugelmir

Jjamie said:

davidmcn said:

I wouldn't have expected the six month rule to apply to inheritances. It's because the swift turnover of properties raises suspicion of mortgage fraud or money-laundering, but somebody's death is generally considered a non-suspicious reason for property to change hands. May need to find somebody sensible to talk to at the lender to get round that problem (though sounds like you may have other issues).

They said it’s because I need to release equity to pay off my car finance and for the deposit. It’s very complicated 

So it's not simply purchasing the other half of the house.  What are the other complications? 
Where is your father going to live?