Hi everyone,

thanks for reading this. It's a complex situation, so please let me appologise in advance for the convultedness!

Here's our situation:

My wife's father bought a flat in central london, but sadly died before it could be sorted out and sold. even more sadly, he didn't take any mortgage insurance. it's mortgage is about £360,000 but the property is now valued at somewher ebetween 1-1.5 Million.

Now the complications:

you may notice the big difference between the mortgage and the value. there's a number of reasons for this and they all add to the complexity of the situation. First, the property was bought in 2005, my father-in-law died in December 2006. And my wife, who is executor of the estate, only got grant of probate this year, for reasons many of you will figure out. Second, my wife is an interior/architectural designer, and this flat is going to be her show piece (it was in a terrible state when he got it and now, although not finished, is amazing)

The problems, obviously, are A) the delay in probate make things a little dodgy and B) we need to finish the works for my wife's portfolio.

Further complicating things: my wife has a very small credit footprint, I went Bankrupt in 09, discharged August 10, and my mother-in-law has missed some credit card payments and has her own mortgage, and so has a 'poor' credit score. My father has a good credit rating, and my mother-in-law owes my father £100,000

My Father has offerred to take a mortgage of £700,000 BTL mortgage to buy the place, which will give him his £100k, pay off the current, no transferable mortgage (who are understandably getting itchy, although we've been making all the payments) and give us the money to finish it and put it on the market. The problem there, however, is that he doesn't have available funds for the deposit. (he's also 69 and on a good pension) He's been okayed for a mortgage, assuming a sale price of £1million, but he has to have the deposit.

We've suggested to the broker that my mother-in-law takes out a bridging loan to pay off the current mortgage and have enough left to 'give' him the deposit, but the broker wasn't comfortable with that. Other whacky schemes that go no's and don't know's are:

My father takes a bridging loan to buy the place outright, then gets a 'first day remortgage' - will he still need the deposit, and also, there's very few 1st day remortgages available, if he doesn't get it, we're stuck with an expensive bridging loan for 6 months

we find somewhere that will offer a mortgage and accept a bridging loan deposit as we only need the deposit long enough for it to go from my father, throught the solicitors, to my mother-in-law - will this equal 100% loan and will anywhere do that

find somewhere that will lend _base_d on the value, not the sale price, and hence not require a deposit. (e.g. if it's valued at 1.2Mil, then the 700k mortgage doesn't need any deposit changing hand, it's still less than 70%LTV)

We had 2 products that the broker said would work, but the ended up not working, 1 because of the lack of deposit, the other as they only allow gifted deposits between blood relatives.

Any help anyone could provide would be greatly appreciated as this is a make or break situation for everyone involved.

Thanks for your patience in reading this convuluted tale!

Andrew

What bank refused the gifted deposit? I've had a non bloodlines relative (sister in law) ok with a family gifted deposit.

Try to get the consult any specialist so that u can know what is better for u and what is not and then decide.


----------------------------
Payday cash loans | Payday loan payday

So, what are the three amounts of diet program control? If we are to acquire an understanding of the value of the three sectors, we have to consider first the other part of the weight loss picture: excess weight. Thankfully likely to straightforward remedy: Half inchReally don't gain weight. Do not delay weight damage endeavours, just click here: Maintaining a healthy diet to lose weight The best dietary regimen is completely opposite whatever you've seen before. You have to put together to lose weight otherwise you will attain it right back. Paying attention to your _meta_bolic rate, gas utilization, and stored fat, an effective preparation makes sure wholesome weight-loss. phen375 uk People keep asking the best way to lose weight in one week, perfectly We can tell you you'll be able yet it's constantly up to anybody that is certainly undergoing this pursuit to keep a clear head instead of give up. I notice via practical experience that it's possible to do this We've shed 5 lbs in one week but it was tough to pass up all my personal favorite such thinggs as processed foods and ale. And in case this can be done for a week you may do two, about three, a a short while just seek to remain focused , nor give up on all by yourself. The following is a perception of whatever you can take in essentially with all your diet because this is most vital- Meal 4 (Treat): Tomato Slices With Feta and Essential Olive Oil