Family home after death.

JohnFTB

Hello
I was after some general advice. This issue seems a complete minefield!
My dad passed away recently. In his will he left his wife £30,000 (some of which will come from the sale of the house).
The house was then to be split between his three children equally. He wanted his wife to stay in the house for 2 years (nothing legally binding, just a wish)
The house is worth £200,000 and the mortgage has £90,000 left.
I currently own my own home but want to buy the family home to live in eventually.
Could me and a sibling get a mortgage for £90,000 pretty much taking over the current one, allow his wife to live there for 2 years covering the mortgage then sell it to me for £200,00 then.
Or would I need to get a new buy to let mortgage for the full £200,000?
The stamp duty, do I pay the stamp duty up front on the full house or is it a lesser amount on an inherited property? I'll get this back when I sell my house but its an upfront cost I could do without.
Also with regard to my own equity in the house, can this be used as part of the deposit or would I need to put cash down then receive my share after?

Mojisola

I would be careful making plans.  His wife could well challenge the will as not providing for her adequately.

JohnFTB

Mojisola said:

I would be careful making plans.  His wife could well challenge the will as not providing for her adequately.

I think that's highly unlikely it was his house where he made all the mortgage/deposit payments before and after they were married. She's happy with the wish of passing it onto his children.
As well as the £30,000 she'll be receiving, she'll also be getting half his private pension which added into her own income I don't see grounds for not being provided.
She's also due a large lump sum in 1-2 years as well, part of the reason he wanted her to stay for 2 years.

Marcon

Duplicate thread: https://forums.moneysavingexpert.com/discussion/6243185/family-home-after-death#latest 

Best idea is to consult a solicitor.