Inherited Property

Posted on 14 March 2011 by debra knight


My parents left the house to me and my brother, it is worth £180,000 - £200,000. I want to buy out my brother and we need to borrow approx £120,000. I am 49 years old, my partner is 59 years old and my son is 25 years old. Can you give us any answers to this problem? Thanking you in advance.

Debra,

This is not an unusual situation and depending on your personal circumstances it should be possible to raise a mortgage for this amount and get the property transferred into your names.

As the property is currently owned by you and your brother 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.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.

Peter

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.

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