Forced to give up a buy to let

styles1200

My Mother had a buy to let mortgage, when she died my father inherited the mortgage and the Bank of Ireland say he must sell as they won't let him take it on.
I need to know what kind of timescale we have to do this and after how long they can force us to accept a low offer.
Mortgage is paid and not in arrears.

Thanks

kingstreet

Remortgage to another lender?

We can't tell you how long your bank is going to give you. You'll have to ask them if they haven't notified you in writing already.

styles1200

He's been out of the country too long... but selling isn't the problem, I've tried asking direct but they seem to um and ah and won't give me any proper advice, hence me posting here.
I'm wondering really if there is any kind of rough framework? ie, if we have it on the market can they force us to accept a lower offer than the valuation or do they have to apply to a court etc?

Conrad

I suspect all they will ever tell you is a 'reasonable time frame' so 3 or 6 months perhaps. Any property that does not attract offers within a few weeks is generally over priced for the market at that moment anyway.

Be aware it's quite a tough market. A lender rep told me yesterday they'd down valued a £1m appartment close to the Olympics to £600,000 because the market is flooded with stock there apparantly.

styles1200

Ty,
Our fears were about having to accept a lower offer rather than hanging out for something unrealistic.
I'm sure 6 months would be ok but can you tell me what would happen after that? worst case scenario and all that.

Conrad

styles1200 wrote: »

Ty,
.
I'm sure 6 months would be ok but can you tell me what would happen after that? worst case scenario and all that.

Unknown territory really, any number of things could happen, no point really worrying about it as no one can second guess what a whole team of people inside a lender might do.

I suppose in extremis if they felt you were dragging things out they could force a sale afterall it is THIER property.

In the event of forced sale they are duty bound to get highest bid these days, but sometimes the EA seeks to do deals with his local fave dealers so you have to watch it like a hawk.

Just sell it, why all the stress?

Thrugelmir

styles1200 wrote: »

My Mother had a buy to let mortgage, when she died my father inherited the mortgage and the Bank of Ireland say he must sell as they won't let him take it on.

The mortgage isn't inherited. The property is. However the mortgage is a liability of the estate. So will need to be settled. Even if it means selling the property.

socrates

styles1200 wrote: »

My Mother had a buy to let mortgage, when she died my father inherited the mortgage and the Bank of Ireland say he must sell as they won't let him take it on.
I need to know what kind of timescale we have to do this and after how long they can force us to accept a low offer.
Mortgage is paid and not in arrears.

Thanks

Where was the Life Insurance?