wife dies, buy to let forclosure

homers1

Its me the husband.
regards homers1

Thrugelmir

homers1 wrote: »

Its me the husband.
regards homers1

Then you are taking a personal risk. As executorship has clear legal responsibilities and duties.

Caladan

Please accept my condolences.

Previous posters have pretty much covered this, but basically yes, they can force you to sell (and indeed it may be the best thing to do all round).

If you can get a BTL in your own name secured against the property your problem is solved however (assuming there is no inheritance tax liability you need to pay for as well, I don't think there would be though).

Clydesdale can't just say "It's fine just carry on" because the only person they can claim the funds against is the Mortgagor. If they give the impression they're happy with the situation they could potentially lose the right to claim the money back.

I'd strongly suggest talking to a solicitor about this one.

bigal993

where are the flats ?
if there local to me
Chester,
I may be interested if your looking to sell
Al

beckysbobbles1

Firstly I am also very sorry for your loss.

I think people have given you sound advice and I'm afraid as executor of your wifes estate, you have a duty to repay all debys before any residue is distrubuted.

You would need to get a mortgage in your own/daughters names as the mortgage your wife has, will need to be repaid.

I would suggest speaking with different mortgage advisers to see if it is possibly for you to get a new Buy to let (BTL) mortgage.

If you have a tenant in the flat already and have proof of the contract/payments then I don't understand why it would be so difficult to obtain a new BTL.

That is of course, unless the loan to value is too high. How much equity do you have in the property? What's the value of the flat and the outstanding mortgage.

Brock_and_Roll

My father died in the Summer of 2010 - due to various complications, 3 years down the line the estate still has not sold the underlying properties and repaid the outstanding mortgages.

The estate has been paying the interest, there is lots of equity on each property and the banks concerned have been very understanding. However, I am aware that they are not under any obligation to be so nice!