We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Inherited house but with debt
Phantom_Avenger
Posts: 39 Forumite
I've inherited my mother's house in her will but it has 10000 debt attached, 5000 secured against the house. I want to keep the house but can't pay the debts off. Are there any good firms that will buy equity in it, or what should I do? I'm on Incapacity Benefit and DLA. Cheers for help in advance
0
Comments
-
Well, you could either get a mortgage assuming you move in or rent it out. That would depend on your income, but the debt is rather low. Secondly, wouldn't the debt be against the estate?
It really depends on what you plan to do with the house. Are you the sole benefactor?0 -
Equity release or personal loan (expensive rate of interest but no one knows what you do with the money).
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
You haven't inherited your mother's house. You have inherited the residue after the house has been sold to pay off her debts.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
-
you cant inherit debt.0
-
Speak to a solicitor or CAB advisor. They will advise as to whether or not you have to pay the debts.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0 -
Yeah, I'm sole benefactor0
-
Take it you can't pay these debts from other assets in the estate?
Such as by selling shares, cashing in life policies, money in bank accounts, etc?0 -
There's only bits and pieces i.e. a silver tea set, an ornate table, etc0
-
sell the house.0
-
Well, I'd rather stay, it's in a good neighbourhood etc.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards