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Can you get a mortgage if the deposit is tied up in probat

(9 Posts)
LivinLaVidaLoki Thu 29-Sep-16 19:40:36

Just that really.
My mums house is now going through the conveyancing process, no chain, cash buyer.
My mum always wanted us to use our inheritance to get on the property ladder. Get a home/security for ds. I think that's a lovely idea.
Anyway EA called to confirm that their sales progressor has now contacted our solicitor so its just the waiting game now I guess.

I did ask her for some advice about being a savvy buyer as I have never been in this position before and she was really helpful, but she did say that as I have the grant of probate and my mums/financials/a house in conveyancing that we should be able to secure a mortgage or at least an agreement in principal, based on the fact that the money for the deposit will soon be paid, rather than wait for the money to be paid (as technically we have it tied in equity, no different to if we were selling a property of our own) but this cant be right surely?
Any advice would be appreciated.

LivinLaVidaLoki Thu 29-Sep-16 19:40:49

Probate even.....

Hufflepuffin Thu 29-Sep-16 19:53:22

If you have the grant of probate its your house so it's exactly the same as if your deposit was tied up in a property you were selling yourself. The conveyancer for your
Mother's house should be able to explain it. I'm sorry for your loss.

LivinLaVidaLoki Thu 29-Sep-16 19:56:35

Thank you.
The estate is not just mine it is split between 4 of us. But I do have all the financial paperwork and as the 'responsible person' I also have the oath/grant of probate.

Hufflepuffin Thu 29-Sep-16 20:06:40

It should still be the same, as long as there's enough value in the estate.

PigletJohn Thu 29-Sep-16 20:22:39

Ask yourself a different question:

"Have you got the money for a deposit?"
(no)
"When will you?"

The answer to the second question is, unfortunately, "I don't know"

anotherdayanothersquabble Thu 29-Sep-16 20:42:24

But same as if you were selling your own house. It's a chain. Once your house sells you can pass the deposit up the chain. The only difference is that you don't have to wait to have something to buy before the sake happens.

Hufflepuffin Fri 30-Sep-16 08:04:35

We bought a house with the proceeds of the sale of my father's house. The offer was accepted and mortgage offer given before the house was sold (sale agreed) but if we did again we'd have waited until we had exchanged on dad's house.

Closetlibrarian Fri 30-Sep-16 15:13:01

We got a mortgage on our house when our deposit was still tied up in probate. It was a bit more complicated than your situation as the inherited money wasn't coming from a house sale (but the settling of a very complex trust). We got the mortgage fine - I think at some point a letter was required from the probate solicitor declaring that the money was there and would be in hand by a certain date. It helped that one of us was executor of the will. But for a long time everyone (EA, mortgage broker, etc) was happy to just take our word for it that we had the deposit - they asked worryingly few details, in fact!

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