Inheritence/mortgage question

[sunoco69]

Hi sll

Just wondered is anyone has any experiece/advice of the following.

A family member has recently died and left me a slice of thier house. They took out an equiety release rip off some years ago so by the time that is paid off this sum should equal around 30-40k.
It will be released once the house is sold but the will is not going to be actioned for 6 months in case anyone contests it.
I would like to buy the house (est value 200k) but I dont have a deposit. My thoughtd are to try and borrow against my inheritence for the deposit, thereby having the 20% value for the mortgage.

Any thoughts?

[Kudos]

Surely you already "own" a bit of it, so no need to borrow against it? Effectively you are just buying out the other parties?

I presume your income is sufficient to service that size of mortgage?

[sunoco69]

Yes income is fine but I dont "own" the slice until the will is executed. Thats why I was thinking of borrowing against it.

[Eric Mc]

Why can't you wait a bit?

[Deva Link]

sunoco69 said:

It will be released once the house is sold but the will is not going to be actioned for 6 months in case anyone contests it.

By "actioned" do you the dosh shared out? In practice it seems to take about 6 mths, even in the most straightforward cases, so maybe that's where the time scale comes from? However the executor can put the house on the market straight away and sell it as soon as probate is granted.

In one we were involved in recently, one of the relatives had had an estate agent round, instructed them and the house was on the market before the funeral. The executor, who was the old guy's solicitor, wasn't amused!

ETA: Have you specifically been left a share in the house? I'm not sure about this, but I would have thought all the beneficiaries would have to agree to sell it before it could be sold. But that might not be right.

In our case, the will instructed the executor to sell the house and to share out the residuary estate.

Edited by Deva Link on Sunday 22 January 15:55

[sunoco69]

Well no not a share in the house but rather a 9/10 share of the estate once the Equiety mob have taken thier bloody money, which, as I say, will equate to about 30-40k. The solicitors are the executors and I have a 4 month "1st refusal" period written into his will. That is kind of the problem. I dont have the 30-40k needed for the mortgage to buy it but if I wait until it is sold and the will is actioned I will have 30-40k.

Sort of chicken and egg really!

[Deva Link]

Well, as solicitors also handle house purchases, perhaps they'd be best to pull this all together for you? As you've got equity in the property then your LTV, which is the lender's concern, should be reasonable.

[sunoco69]

Ok I think a trip to the solicitors and the bank is in order then. Thanks for the help.