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Who owns the house?
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middleman_2
Posts: 125 Forumite
Hope someone can offer some info here. My dad died last month, leaving everything between my brother and me. This basically means the house. Have found out that there was still about £20,000 mortgage to pay and he didn't have any life insurance. Where does that leave us? Does the bank own the house or will it belong to my brother and I once the estate is sorted and we can repay the bank after we sell it? In Scotland by the way. Thanks.
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Three choices, either find the cash to pay off the mortgage, sell the house and pay off the mortgage or take out a mortgage/ loan yourself to repay your Dad's mortgage and keep the house.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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We do want to sell the house and pay off the mortgage but just wondered if anyone knew what the mortgage provider was likely to do in this situation.0
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Sorry to hear about your Dad.
IIWY I'd contact the mortgage provider to let them know your dad's deceased and that you and your brother intend having the house valued and sold and to repay what's left owing on the mortgage to them out of the proceeds.
I'd also contact the Council Tax office to let them know so that they can stop the account or they may add charges. Think you'd be charged empty property for 6 months but they'll tell you what's what when you ring.0 -
Sorry to hear about your father passing away
Tell your borrower what the situation is and have them freeze the loan repayments or tell them you will pay interest only and let them know you are selling the house and they will be sympathetic Once the house is sold the loan will be repaid to the bank and the surplus equity distributed to you bothI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
sorry tell your lender oopsI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
good job you werent advising a real client thereA word is not a crystal, transparent and unchanged, it is the skin of a living thought and may vary greatly in colour and content according to the circumstances and the time in which it is used.0
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