Property News · September 24, 2015

My brother and I are struggling to split our inherited house


He thinks he’ll have to get a mortgage as well as raise a deposit in order to buy me outQ My brother and I have inherited a house and we each own 50% of it. He currently lives there with his partner and intends to do so for quite some time. I would like to sell him my 50% so that I have money to buy my own property or do with it as I wish. The value of the house is roughly £80,000, so I would be entitled to £40,000 in cash.My brother is under the impression that he has to take out a mortgage on 50% of the property value to give to me, and so would need at least 10% of the mortgage value as a deposit for the bank who supplies the mortgage. Continue reading…

Source : theguardian.com
Read more…My brother and I are struggling to split our inherited house

You may also like...