This is a sticky situation!

Gothicbetty

Hi there all, my long term fiance of 12 years passed away in June very suddenly. Our 3 year old daughter is no the beneficiary as he died without a will. I have just been granted executor (yesterday). We have a 2 bed house that I was removed off the mortgage from when we moved here 4 years ago (I was giving up work to have a child and they offered a reduction when we got the mortgage if I wasn't on it (Halifax) The mortgage dissolved with him and now I have to get a mortgage for the remainder to stay here (92k) I have 60k deposit but I have no idea what I'm doing. I am self employed but get a good top up in pensions and tax credits totaling to 11.5k per annum earnings.

The property is worth 145k. I am seeing an independent mortgage adviser on Friday but to be honest we know their not that 'independent' don't we!? Any advice on mortgages from an objective source such as this would be HUGELY appreciated!
I am still pretty grief stricken and I'm terrified he's going to blind me with numbers so I want to get clued up before I go! Bless you in advance!

Simon_gloster

It would help if we knew what you earn? Last 3 yrs figures you declared to the taxman needed. Also the other income you mentioned, how is it split as ctc is not taken 100% with some lenders.

Dave_Ham

This is so sad for you and your Daughter, I am very sorry to hear.

I will try and help where I can, firstly I hope you have gone to a recommended, independent mortgage broker and not an Estate Agent one. If they are based in an Estate Agent I would have a re-think.

So, ask them if they recommend a HSBC, First Direct or Post Office mortgage. If the answer is no then they are not independent.

Ultimately, you want a mortgage you can afford, at a suitable rate that will provide you and your daughter some stability.

Ask them point blank what their costs and fees are and ask them for some numbers. Before you pay anything, post the information here and someone will give you some further questions and considerations.

This is a good place and you will get some sensitive and informed opinions..

Gothicbetty

As posted my earnings are 11.5k. This is without earnings from the business as it's only just started. I was doing pretty well when he died and just dropped it straight afterwards but I'm relaunching under my own name not a business name, if you see what I mean. I get £315 work widow pension per month and the rest is WTC and CTC.

I know Dave it is a total nightmare, he was my best friend and I'm not sure how to function without him! The advisor is independant as far as I know and is highly recommended by everyone here (Whitby) he is pretty well known. He has been collating information for me for the last week and has now got some answers to present me with on Friday.

That's the trouble under normal circumstances I am very savvy but my brain just won't function. We moved here fulfilling a long dream of ours and chose the house together with plans for the future, now I'm alone effectively buying my daughters house!!! Insane.

Like John Lennon said "life is something that happens when you're making other plans!" Too true!

Bless you Dave x

Thrugelmir

My thoughts are with you in these difficult circumstances.

Have you sought legal advice?

Gothicbetty

I have yeah from a couple of different solicitors and they both said that although it sounds like a horrific complication (try hearing it all a few days after he died and being threatened by Halifax with eviction if I couldn't pay the bills DAYS after he died!

Anyhoo, I got heavy with them and just thought I had nothing much more to lose (didn't care I don't think) and they backed right off but;

1, house, car, not much else was in our daughters name, now in mine.

2, Mortgage dissolved along with him as a deceased person can't have a mortgage obviously!

3, I couldn't take it over as it effectively didn't exist! So I have to apply for a mortgage to live in our own home!

Hopefully (Please GOD!) I will get it as I have a good deposit I have an excellent credit record and no debts great banking history (not that that's all that important) IF I don't we're out and homeless! I feel sick at the thought! This is not just 'bricks and malter' this is the home we had our only child in, the home we dreamed together in. It would kill ME to lose it! Not to mention my daughter who's convinced daddy's still here somewhere!

It is horrible, I wouldn't wish this on a soul!

Caz3121

Gothicbetty wrote: »

As posted my earnings are 11.5k. This is without earnings from the business as it's only just started. I was doing pretty well when he died and just dropped it straight afterwards but I'm relaunching under my own name not a business name, if you see what I mean. I get £315 work widow pension per month and the rest is WTC and CTC.

For self employed they will normally need 3 years accounts
How much of the deposit are you planning on using so what size mortgage are you looking for?

Are your earnings (from the business) £11.5k plus £3780 (£315 pension x 12) plus WTC and CTC?
...you mention "without earnings from the business" so does this mean that all £11.5k is made up of the pension and benefits?
What figures have been used for tax purposes?

hope it all works out for you and your daughter

Dave_Ham

All the best for Friday and at least you have someone local and reputable, to help you through the financial side of this situation.

Fingers crossed everything goes ok, do not let Halifax push you too far. Put in writing to them if need be...

Do let us know if you need any questions answering

Gothicbetty

I was just really wondering in your opinions what you thought my chances were? My pension and tax credits amount to 11.5k I haven't included any earnings from my self employment as I have literally just started and haven't earnt anything as yet. But as I said work was coming in before he passed away. I'm a print/web designer working from home. So here's hoping extra comes in then I'm laughing! Well not laughing sadly! Thanks everyone!

holly_hobby

Gothicbetty wrote: »

Hi there all, my long term fiance of 12 years passed away in June very suddenly. Our 3 year old daughter is no the beneficiary as he died without a will.

If she is his biological (or legally adopted) daughter, then in the absence of a valid will, she will under the laws of intestacy inherit his estate (along with other siblings in equal shares, to which I am assuming there isn't a surviving wife lurking about), this is defined under the "Laws Of Intestacy" (when you die without a valid will you are termed as having died "intestate" ) to which intestacy laws make provision according to relationship.

Her (and that of any siblings) inheritence is of course after his estate has been settled, which primarily will centre on the satisfaction of all os debts and liabilities he held at the point of death (which obv includes the os mge if in his sole name).

Obv, as she is currently a minor then there will be some legal issues as she can't legally receive the estate until she's 18 and it will be placed into a statutory trust - your Solicitor will explain and guide you the process.

I echo the sentiments of all the above, its a v difficult time, but you're amongst a load of friends here, whom will guide and support you as much and for as long as you want us to.

Holly xxxx

PS - here's a quick link to CAB guide to intestate I've dug out for you ... may make things a bit clearer ... http://www.adviceguide.org.uk/england/relationships_e/relationships_death_and_wills_e/who_can_inherit_if_there_is_no_will___the_rules_of_intestacy.htm

Gothicbetty

Thanks Holly, I have just received the letters of administration on Monday! So I am now in charge of everything for her. Found this out and went straight to a solicitor after he died! I'm just concerned that I may not get a mortgage! If I don't we're homeless! This was OUR dream home and to lose it would be like losing part of him all over again, for me and my little girl! Thanks for your help. The Halifax and Natwest websites say they DO take credits into account (as my business has only just begun I don't have figures!)

To be honest I am sick with worry, my little one has lost the best daddy in the world he really was. To lose our home would be too much to bare! xx