Hi all.
My partner and myself - with my elderly mother's agreement - are planning to renovate her house inside, build a granny flat extension and a garage and move in with her, as she is living on her own and will need help in the future.
My mum has set up her will in such way that myself and my sister are both inheriting half of the property if she passes.
I am now trying to figure out what we need to do in order to tackle this whole thing from a financial perspective, will we be able to apply for a regular mortgage to cover the 50% of the current property value to pay my sister out, do the renovations and extension, or will we have to apply for a probate /trust loan to do all this, or as a third option, will we have to apply for both a mortgage to do work required and a probate / trust loan then as well to cover the amount needed to pay out half to my sister?
All very confusing..
Thank you so much for any advice, tips etc - much appreciated!!
My partner and myself - with my elderly mother's agreement - are planning to renovate her house inside, build a granny flat extension and a garage and move in with her, as she is living on her own and will need help in the future.
My mum has set up her will in such way that myself and my sister are both inheriting half of the property if she passes.
I am now trying to figure out what we need to do in order to tackle this whole thing from a financial perspective, will we be able to apply for a regular mortgage to cover the 50% of the current property value to pay my sister out, do the renovations and extension, or will we have to apply for a probate /trust loan to do all this, or as a third option, will we have to apply for both a mortgage to do work required and a probate / trust loan then as well to cover the amount needed to pay out half to my sister?
All very confusing..
Thank you so much for any advice, tips etc - much appreciated!!