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Madhu Pal
Madhu Pal,
Category: Law
Satisfied Customers: 605
Experience:  Solicitor at HPLP Solicitors
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Hiya, My boyfriend’s nan passed away in November leaving her

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JA: Hello. How can I help?
Customer: My boyfriend’s nan passed away in November leaving her house to him and his three siblings - my boyfriend and I are wanting to purchase the property using part of his share (25%) as the deposit. The mortgage lender are stating that because the property isn’t currently in his and his siblings names, he would have to use his entire 25% share as the deposit. Is this right? sorry I hope that makes sense
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: yes we have submitted a mortgage application and sent everything they have asked for including ID, bank statements, proof that the property is being left to him and his siblings
JA: Have you talked to a lawyer about this?
Customer: No we were only informed of this through our broker this evening so haven’t been able to speak to anyone as they’re all closed!
JA: Anything else you want the Lawyer to know before I connect you?
Customer: That’s it thank you, ***** ***** have to pay for this service?

Good evening, first of all have you applied for/received grant of probate in order to receive the property in his and all siblings name?

Customer: replied 1 year ago.
Probate has been granted but the property is in the executor’s name, not the 4 siblings
Customer: replied 1 year ago.
We are due to phone the solicitors on Monday to see if the property can be transferred into their names if that’s the only way around it. We are not able to put his entire share of the property down

Can you clarify what you mean by 25% down. Who are you providing a deposit to?

Customer: replied 1 year ago.
because there are 4 siblings they are each due to receive a 25% share of the sale of the property. My boyfriend is due to roughly receive £50,000, and the lender is saying that because the property is not in his name we need to put the entire £50,000 down, instead of £39,000 which they originally needed

I do not consider this to be necessary, can you just confirm the valuation of the property then I can provide my response.

Customer: replied 1 year ago.

In which case my advise would be, the property would be sold by the executors, to you and your boyfriend for £260,000. Techinically the "deposit" payable to the executor is £26,000. You need to establish how the solicitors acting on behalf of the executors would be willing to deal with the contract because there is no point you finding £50,000 and putting that towards the property, only to receive - I am presuming £11,000 of it back by way of the inheritence. If the solicitors are not agreeable to implement a form of "allowance" to counteract the deficit then it may be a case of paying £50,000 but i am presuming you do not have the additional. An agreement should be able to made amongst the solicitors. Hope this helps?

Customer: replied 1 year ago.
that’s great thank you

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