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"Buying" siblings out of inherited property
mr_stripey
Posts: 996 Forumite
Hi, looking for some advice please.
Late parent's home was left to me and my two siblings in the will (equal share)
It is my intention to live in the property and all siblings are agreed on this.
Grant of probate has been issued, but land registry still shows late parent as the "owner".
I need to get a mortgage to buy out their share. To keep the figures simple, lets say the property is worth £150K (so 50K equity each). My mortgage guy says that if the property was transferred via land registry to the beneficieries (i.e. me and siblings) then I could borrow the money to buy them out rather than "buying" the house.
Anyone know how the mechanics of this would work? Or is it the best way?
Worth noting all siblings are in agreement about value, share and my living there - it's just about how we actually get it done?
Many thanks
Late parent's home was left to me and my two siblings in the will (equal share)
It is my intention to live in the property and all siblings are agreed on this.
Grant of probate has been issued, but land registry still shows late parent as the "owner".
I need to get a mortgage to buy out their share. To keep the figures simple, lets say the property is worth £150K (so 50K equity each). My mortgage guy says that if the property was transferred via land registry to the beneficieries (i.e. me and siblings) then I could borrow the money to buy them out rather than "buying" the house.
Anyone know how the mechanics of this would work? Or is it the best way?
Worth noting all siblings are in agreement about value, share and my living there - it's just about how we actually get it done?
Many thanks
0
Comments
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Sounds like you need a new mortgage broker I can see no difference in buying from the estate than buying from your siblings as far as a mortgage is concerned.
There is also a serious downside for your siblings if either of them have yet to buy their own place in that they would loose their first time buyer status which will come with a heavy penalty as far a stamp duty is concerned when they do buy. Their first home.1 -
As above. There are several mortgage advisors who will answer question on the MSE mortgage forum. They may be more clued up than your current one.If you've have not made a mistake, you've made nothing0
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Yes, this might be a good thread to ask on.RAS said:As above. There are several mortgage advisors who will answer question on the MSE mortgage forum. They may be more clued up than your current one.
https://forums.moneysavingexpert.com/discussion/6190962/mortgage-broker-ask-me-anything#latest
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