How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

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: 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.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and other Tax Specialists are ready to help you
Expert: replied 3 years ago.
I thank you for accepting my answer.

Best wishes