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Legal matters

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Original poster

Inherited house evidence for EA

8 replies

Homehub · 04/03/2021 08:39

I have inherited part of a house which is currently in the process of being sold. The executor is managing the sale and will divide the profits between us when sold, according to the will.

With this money coming in I want to make an offer on another property. However how do I give evidence of my income of inherited property. The solicitor involved in inherited sale will not know of me since the executor is the only one taking care of the sale. I could give details of executor who will confirm part of the proceeds are coming to me but would this be enough? I'm not sure how to go about this. I do not have my own solicitor yet but will get one as soon as I make an offer.

OP posts:

Clymene · 04/03/2021 08:44

I don't think you can - you're going to have to wait until you have the money. It's not income and the sale could fall through so not guaranteed

FinallyFluid · 04/03/2021 08:48

Unfortunately you will, I think have to wait.

Lemonlemon88 · 04/03/2021 08:59

If you need a mortgage then you should be able to get an agreement in principle from the bank? All chains rely on people having the money when they are meant to...

starrynight21 · 04/03/2021 09:02

It's worth asking the bank. I was in a very similar position after my mother died and I inherited half of her house. I needed to buy my own place, so I got a letter from the executor stating that I was coming into X amount of money, and I was able to get a mortgage on the strength of that.

SendMeHome · 04/03/2021 09:08

Yeah, as Starry says - letter from the executor stating how much you’ll receive, which will then allow the bank to produce an AIP for you.

Original poster

Homehub · 04/03/2021 09:09

Thanks. I have a mortgage in principle in place so that's not the issue but I could buy the house outright with inheritance money plus savings. So it seems a bit pointless having a high mortgage when I have the inheritance money coming in. Then again there could be delays with sale of inhertited property so perhaps mortgage is safest option?

OP posts:

Original poster

Homehub · 04/03/2021 09:15

Thanks @starrynight21 @SendMeHome So if I can provide a letter from executor that will be sufficient? As I won't need a mortgage I guess I will need to show EA/my future solicitor this as evidence of my funds.

OP posts:

Margaritatime · 04/03/2021 10:29

Estates can take a long time to finalise and for inheritances to be paid out. If you have found the property you want, you may need a mortgage to buy it now. If you can, wait until you receive your inheritance.

Make sure if you do have a mortgage that you can pay it off without huge penalties. A SVR may be more appropriate than a fixed rate in your specific circumstances.

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