Mortgage on a partly owned inherited property

Thrugelmir

connor0811 said:

Thrugelmir said:

You don't own 12.5%. The estate owns the property. 

Even though probate has gone through?

Until probate is granted. Nothing can be done with the property.  The beneficaries can advise the executors of their wishes. 

connor0811

Thank you to the two above posters, that’s a great help. It won’t let me quote and reply individually for some reason.
But replying to a past comment by K_S, I’ve been in contact with the relative who holds the paperwork and she said the house was left in trust and was a separate entity when probate was sorted, any sale needs to be signed off by a particular person at the solicitors. I don’t know if this affects anything you’ve told me.

davidmcn

Probate being granted merely means that the executors are now entitled to do something with the property - it doesn't necessarily mean that they've actually transferred it to the beneficiaries. And there's no need to if you're just about to buy out the others' shares.

connor0811

Thrugelmir said:

connor0811 said:

Thrugelmir said:

You don't own 12.5%. The estate owns the property. 

Even though probate has gone through?

Until probate is granted. Nothing can be done with the property.  The beneficaries can advise the executors of their wishes. 

Yes it’s all granted and been sorted. Turns out the house was left in trust so was technically a separate part of it any way. So what you said could still apply because whatever happens to the property, it needs to be signed off by a certain person at the solicitors who helped put it into trust.

getmore4less

Don't over complicate.
Treat it like a regular purchase.

Much easier when dealing with things like a mortgage