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Need Advice, how to buy someone out of a property where there is no mortgage?

(4 Posts)
piercey Thu 18-Oct-12 22:19:32

Hi,

My husband recently inherited a property which is equally owned by him and his three siblings.
there's no mortgage but I'm pregnant and we want to be bought out of our share as we could really do with the funds being released.
My husbands brother is willing to buy our share but we've no idea where to start!? should we be going to an estate agent or a solicitor and how would his brother start applying for mortgages when its not a straightforward sale? would we need some kind of documentation stating the deal before he'd get approved on a mortgage!?

Any advice would be a great help! wink

x

prh47bridge Thu 18-Oct-12 22:56:04

No need for an estate agent. You only need one of them to find a buyer. You already have a buyer so you can go straight to a solicitor who deals with conveyancing. Your BiL will also need a solicitor.

As for a mortgage, your BiL will need to consult mortgage providers to find one willing to lend in this situation.

piercey Thu 18-Oct-12 23:03:45

perfect thank you prh47bridge smile

cestlavielife Fri 19-Oct-12 14:09:49

you might need to pay a surveyor to get a guide price/valuation though.

unless the othersare happy with an average market price as per looking at property websites.

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