I have been shopping around for a mortgage and have 1 question that really confuses me.
I am tryign to buy a house ( inherited by my parents) and we have agreed a sale price of around 240k. the house is valued at 270 - 310 and even at that it need a full extension rebuild and renovations.
When quoting LTV do i have to use the sale price or the quoted price.
I have not seen a solicitor yet to see if we can sell below market value. My parents still have to pay Capatial gains Tax or similar since she inherited the house in 2000.
Any information is much appreciated
I am tryign to buy a house ( inherited by my parents) and we have agreed a sale price of around 240k. the house is valued at 270 - 310 and even at that it need a full extension rebuild and renovations.
When quoting LTV do i have to use the sale price or the quoted price.
I have not seen a solicitor yet to see if we can sell below market value. My parents still have to pay Capatial gains Tax or similar since she inherited the house in 2000.
Any information is much appreciated