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Buying a Shared Inherited Home from Siblings...any advice?

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  • Buying a Shared Inherited Home from Siblings...any advice?

    I would appreciate any advice as I am a property newbie still!...particularly from those who have been in similar situation. A brief summary: My wife and I live in my old family home currently which has no mortgage. Neither me or my elder siblings wanted to sell up after inheriting it via our parents will in equal share, there are 6 siblings on my side. so I have been keeping property last few years. We siblings have all signed a declaration of trust until 2016 where either I can have first opportunity to buy out - or we sell up and divide the money equally. Myself and sister are named currently on deeds. What I wanted to ask was this - on a property such as this where there is no mortgage and shared ownsership, how exactly does one go about getting a mortgage? what is the process and how does it differ from standard mortgage? If for instance the property was worth say 300k in 2016 that would neatly divide into 50k each...for me to buy out would i then need a mortgage of 250k as i will be taking away my share? would very much appreciate and tips