Selling an inherited house - unsecured debt? - scotland

googler

Caleb11 wrote: »

I thought when I found a buyer that would be the beggining of the end.

..but have you told the buyer that you're acting as executor, and that there are a variety of secured and unsecured debts?

As a buyer, I'd be treading with caution if I heard this....

Caleb11

Thanks all for ur repules. I called my lawyer. She didn't have much knowledge regarding estates so she passed me through to another lawyer in the office. She said to me that once the property is sold my lawyer will write up a statement of accounts which details all the creditors. She said I had to put down my name first along with evidence of what I have spent- funeral, mortgage payments, loan payments and home report and I should get paid after the lawyer is (she said this is acceptable as these payments had to be made in order to sell the house otherwise it would have been repossessed) she then said the other creditors will either get paid in full or part payments if there isn't enough money left over. I done a bit of digging and have found that he owes around £6k on a credit card and he had a car with hire purchase that he stopped paying when he fell ill. He also owes £700 for electricity. So from what I gather I am owed around £6k. The lawyer will take around £1k for selling the house. And the rest will be divided among the other creditors? What if someone makes a claim within the 6 months and there is no money left? I have all the evidence and receipts of what I have paid out.

To reply to googler- yes I am exectutor and there is a bond of caution with Zurich

googler

If another creditor comes forward and there's no money left in the estate, their claim lapses. They can only be paid if there's money left over to pay them.

You're already 6 mths down the line if father passed in Dec 2009 ....

Caleb11

Thanks googler. I thought it was 6 months from the sale of the house. My mistake sorry. I remember when he first died there was a letter asking for me to contact them to register a claim against the estate. I never done so at the time as my head was all over the place. How will I know if they have a claim against estate? Would my lawyer have this record? I dont know if there was any further mail as I stopped tending to it. Stupid I know but it was just too much I'd lost both parents an I'm only 22 and it was too much. I'm dealing with it now though which is the main thing so any advice is really greatly appreciated.

Thrugelmir

Your solicitor will be paid from the estate so seek advice. Rather than muddle your way through. Personal liability is the last thing you want.