Inheritance Loan

[KaptainKhaos]

Hi

Long story - I'll keep it brief if I can.

My step-mum died recently & I am an executor with her daughter & in her will. The probate has been sent for a couple of months now, so we are just waiting for that before we sell the house.

I will get 1/4 of the sell price of her house, which as been valued at £340,000 - £350,000.

Me wife, son & myself are currently renting privately & the Landlord wants the property back after approximately 23 years, so we have basically paid his mortgage for him.

Is there ANY way I can get an "advance" on the will amount (approximately £75-80,000) to use as a deposit on a house of our own?

I am totally at a loss as to what we can do, as I don't want us to become homeless - I am too old to cope with that.

Thanks in advance.

[PallasAthena]

KaptainKhaos Regardless of any legal restrictions I doubt any financial institution would release £75k+ to you before you have probate.

Probate used to be quite quick for straightforward wills, about 8 weeks (although by visiting in person I found it was easy to get it done in two weeks). Then the government, obsessed with making everything digital in the name of efficiency, moved it all online with the predictable results that the IT system didn't work properly and everything took 2x - 3x times longer. (Rant over)

Last figure I saw in the media is the government saying it takes up to 16 weeks if there are no complexities or problems with the will. So hopefully you will get probate soon.

Have you expalined your circumstances to your LL? Might he allow you to stay for, say, another 6 months? Getting the money released for a deposit will be the easy bit in the fraught business of house buying and getting a mortgage. Be realistic about how long it will take.

[umeshg12]

This company specialises in IHT loans - https://towerstreetfinance.co.uk/

[Huxie]

⬆️ Lending update

“Tower Street Finance is currently no longer offering probate lending products and, as such, those seeking funds are encouraged to find alternative solutions.”

[KaptainKhaos]

Thanks, Huxie - I will be needing a LOT of help from whoever it is to make sure I don't get totally shafted hahahaha

[maryam]

Speak to your landlord. He might be willing to delay for a month or two as he will save money if he doesn't have to market the house (you would have to agree between you how the house would be valued). Also, start looking at mortgages - with rates increasing make sure you calculate accurately what you can afford, although having a healthy deposit will help