selling home

casslass

Hi, My dad passed away last week and I'm just trying to get my head around all the financial stuff. I have a query regarding selling his home and what will happen. He still has a mortgage on this for £43k. Nobody is taking the house on. Will the bank force us to go to auction to get their money.

Thanks

geoffky

No..you sell it as a normal house..and then pay off the mortgage before other charges..No endowment?

TonyMMM

There is no rush - get the funeral/grieving out the way first.

Did your dad leave a Will ?

Whoever is named as executor(if there is a Will) or who takes on the responsibility of administering the estate (if no Will) will have to contact the mortgage company and make arrangements with them. They may wish to see a copy of the death certificate.

They will need to be repaid, but they are not likely to force an auction sale unless the executor/administrator fails to deal with the estate properly and the house ends up getting repossessed.

To give more advice we need to know ... Are there any other assets (bank accounts etc.) and did he have any life insurance that may cover the outstanding mortgage ? What is the value of the property ? Was your dad married at the time of his death, and do you have brothers and sisters who are going to share in the proceeds ?

casslass

Many Thanks for your replies. I live in Scotland .

There is no will. I will be applying to be the executor. There is 22k in his current account. No life assurance. No other debts. Not really sure what the value is. It is in a bit of a bad state but we are not going to be doing it up as want to sell as quickly as possible. It might be between 60-70k. It is 3 bedrooms.

The mortgage is with Rbs and the will be getting a copy of the death certificate next week as i went into the local branch and they took a copy and are sending it onto them in internal mail. I suppose I will know more after they have received it but just wanted a vague idea of what the process is. Will the monthly payments continue?

Mojisola

If your Dad was resident in Scotland too, make sure that you follow the Scottish rules which are different to those in England and Wales.