Inherited Property And Buying Others out
Answered on 14 February 2019 by Nick Morrey
I’ve inherited a property and I want to buy my sibling out of the property. How can I do this?
This is not an unusual situation and depending on your personal circumstances it should be possible to raise a mortgage and get the property transferred into your name.
As the property is currently owned by you and your sibling I would steer clear of remortgage packages offering free legal services. These will cover the legal costs of setting up the mortgage but they will not cover the costs of transferring the ownership. You would probably be better of using your own solicitor and taking a remortgage package with a cash back.
If your names are not currently on the deeds you will need to seek legal advice. Alternatively, depending on what you want to do with the property, you will need the appropriate mortgage for this.
For example, if you are looking to rent it out, you will need a buy-to-let. You can read more information about this type of mortgage here.
I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672. They will be able to look at your situation and advise you accordingly.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.