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Category: Law
Satisfied Customers: 915
Experience:  Expert
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I am inheriting a property that we would like to buy. My

Customer Question

Hi, I am inheriting a property that we would like to buy. My question is can I use my inherited third (there are 3 beneficiaries) as a deposit to buy the house or will I need to pay a deposit on the two thirds I will need to mortgage the house for? The house is in need of renovation so we would prefer to use our cash for that. Thanks
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No.
JA: Where is the house located?
Customer: UK
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 18 days ago.
Category: Law
Expert:  JeremyT1020 replied 18 days ago.
Good morning and thank you for your question. I'm a solicitor specialising in family law and contested probate so I'd be happy to offer some guidance on this matter.You'll be pleased to know the answer to your question is comparatively straightforward. Provided the other 2 beneficiaries are in full agreement to you buying them out of their share, you simply need to meet the normal lending criteria in terms of loan-to-value, income, affordability and credit history.
Expert:  JeremyT1020 replied 18 days ago.
Each mortgage lender will have their own criteria. If you're able to put down a large lump sum at the start, it will lessen the monthly payments over the mortgage term.
Customer: replied 18 days ago.
Thank you. One of them may not agree (complicated situation) so we may have to put it on the market & put in the highest bid.
We have the cash for a deposit but would prefer not to put one down if the lenders would be happy to use the equity we have in the property instead. Hoping there are lenders out there who will do that.
Expert:  JeremyT1020 replied 18 days ago.
I appreciate your dilemma. In these circumstances, I'd recommend speaking to an independent mortgage advisor and ensuring you have all the criteria/paperwork upfront showing you can raise a mortgage just in case there's a dispute.
Customer: replied 18 days ago.
Thanks again, I will be sure to do that.
Expert:  JeremyT1020 replied 18 days ago.
My pleasure and good luck. Thanks for the question and for using Just Answer. Best wishes, J
Customer: replied 18 days ago.
I have another question, apologies. The will specifies the house is to be sold & the proceeds split between myself & 2 siblings. Can I purchase the property directly from the estate (for market value minus my 1/3) without the agreement of my siblings as we haven’t inherited the house as such, but the proceeds from it? It’s my fathers house & I really don’t want to lose it in a bidding war on the open market.
Customer: replied 18 days ago.
With the executors agreement obviously. The executor is a close friend of my father & knows my intention is to buy the house & is happy with that but is under the impression it must go on general sale.