Deceased Fathers Property

Miasmummy

Thanks kingstreet, so just to clarify I do still need to apply for letter of administration even if the estate is in negative figures in terms of assets?

Yes exactly my thoughts too tbh.

kingstreet

If you wish to try to stave off repossession, you are going to have to follow the legal route and appoint an administrator and apply to the probate office. This is the only way you can be "recognised" at the repossession hearing.

As I said last, if there's no equity and no other assets it's probably a pointless exercise and it's probably easier and cheaper to simply allow them to take possession and for whoever wants to buy it to do so when it's available. In which case, administration would be pointless. It all hinges on the property and what you want to do with it.

Perversely, as administrator, you could find you'd have to sell it to your sibling for more than he might pay for the repossessed property on the open market. This is because you would be legally obliged to obtain the best possible price, where the lender would more than likely settle for the best price it can get, as there are no other estate assets to use to cover any residual outstanding debt.

Miasmummy

Thank you that clears it up and was my original understanding of the situation. Unfortunately family members seem to know best and have been telling me it is as straightforward as me just 'taking over' the mortgage and paying it which in all honesty I didnt think was the case. Ill just leave it to be reposessed, we wouldnt gain anything in trying to fight it.

Thrugelmir

Miasmummy wrote: »

I do still need to apply for letter of administration even if the estate is in negative figures in terms of assets?

Yes exactly my thoughts too tbh.

If there were assets of value then these should have been used to repay the creditors, i.e. the mortgage shortfall.

Something that will be looked into.