mortgage dilemna

paddedjohn

If Nan dies then 50% of the property would go to her estate, which would be shared out between any beneficiaries, brothers/sisters, sons/daughters etc
If she goes into care then the care home fees would have to be paid for somehow, if there isnt any cash floating around to meet these costs then the property could be sold to pay the fees.
How long ago did you purchase the propety?

trackers_trojans

Hiya i have had the mortgage for 15 years allthe family know i have paid the mortgage and would not make any claim on the property

paddedjohn

Hi, i cant be 100% certain but when she dies and there is no will there will have to be probate, when this is granted all of nans debts/funeral costs are paid and the rest of the estate shared out. 50% of the house is in nans name so this will form part of her estate. It could get complicated at this point when a solicitor tries to disperse the estate as how can you prove that no one has a claim on it other than yourself?
I have dealt with probate a couple of times and each time the house was sold and the proceeds shared out by the solicitor by means of cheques in the names of all involved.
I strongly advise a visit to a solicitor asap to get some professional advice

TonyMMM

trackers_trojans wrote: »

allthe family know i have paid the mortgage and would not make any claim on the property

Issue 1) Without a will, when the time comes, your Nan's property (which could include half the house) will be distributed according to to the rules of Intestacy. This is not an optional thing or anything requiring someone to "make a claim". It is how the law works. Get her to make a will asap.
However this is also dependant on the question you were asked a while ago ...Are you "Joint Tenants" or "Tenants in Common" ... if you don't know ...Find Out !

Issue 2) Deprivation of Assests rules will almost certainly come into play if you try and avoid any care home fees. Legally she has an asset worth £40k.

This is something that should have been set up properly at the time you bought the house - what advice were you given by your solicitor at that time - did you go through these issues with them ?

trackers_trojans

Thankseveryone for their advice and comments i am sure we are joint tenants when the house was bought we wasnt made aware of these issues, i think i will need to see a solicitor as mentioned above, i thought it would just be a case of seeing my mortgage company and informing them and just seeing a solicitor to sign the house into my sole name as i have always paid the mortgage,it seems then that my nan will have to make a will and leave her halve to me in that :eek: