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I have inherited a house. If I want to buy another house using

Resolved Question:

I have inherited a house. If I want to buy another house using the money from the inherited house and I have enough money in the bank for the deposit do I need any kind of loan or mortgage? or is it just up to the solicitor to move the money from the inherited house to the new house when the chain completes?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Provided the net proceeds from sale of the house you have inherited cover the balance on purchase price of the proposed acquisition after payment of deposit, then you would not need any kind of loan or mortgage.

Your solicitor would hold moneyfrom sale of inherited house in client account and you can instruct your solicitor to use those funds for the purchase of another property.

I hope this is helpful and answers your question.


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Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.

Best wishes