Purchasing Property From Parent - Via Monthly Payments. Advice needed

unforeseen

maisie_cat said:

LTNRW said:

I had briefly read on private mortgages last night so it's great to know I was barking up the right tree.

with regards the other beneficiaries, do you mean that for example:

Sale agreed for £100,000 , and the worst happens in 6 years , while having only paid £60,000 , that I am then liable to pay the others £20,000 each?  is that on the outstanding terms of monthly payments or as a lump sum?

I assume though that the above is only applicable if it is stated within her will that they remain beneficiaries on the property?

A very complex situation it seems, so thanks for bearing with me!

If when your grandmother dies there is an outstanding balance it will obviously form part of her estate. If you are one of 3 beneficiaries you will need to pay them 2/3rds of the outstanding, 1/3rd each because you are the other 1/3rd. So you would pay the other beneficiaries £26667 of the £40k

No, the OP woul need to pay the estate the outstanding money as it is a debt owing to the estate. It is the executor's job to distribute the estate. 

LTNRW

UPDATE:

Having spoken to a few solicitors, not many are able to help with this case.
one that has agreed to help however has quoted an estimate of £1250 + VAT  and plus fees. also requiring a £350 admin fee.. this seems very high to me, but I am not experienced with buying property, particularly in these circumstances.

from what I can tell, it seems a relatively cheap process, with it being essentially a few forms to fill in and return? surely this doesn't warrant £2,000?