assumption agreement

shazzadodge

Hi every1, my father has recently passed away, am after some advice on his property, am the main executor and would like to take over the family home, there is a outstanding mortgage of £65, 000, house is worth about £230, 000. What options do I have? Whats is a assumption agreement and would it help? Regards

Annisele

First off - does your father's will leave the property to you?

An assumption agreement is where a third party is brought into an existing contract - for example to take on somebody else's debts. However, I don't think they'll help you in the slightest.

If you want to keep your father's house, then the mortgage is going to have to be repaid. The original lender won't care much how that happens - it could be repaid from your father's other assets, from your other assets, or by a brand new mortgage loan that you take out in your own name.

shazzadodge

Yes, my father left everything to me, but there is a outstanding mortgage still on property, I believe that his mortgage company have a year rule thing, but they wont discuss with me until they have all the paper work.

Thrugelmir

A year to settle the debt in some form. Does the estate have sufficent funds to maintain the mortgage payments.