looseing home after probate
in Over 50s MoneySaving
34 replies 10.5K views
My partner died a year ago from cancer. she died the night before she was going to finalize her will. We never married so I am aware that I have no rights. We was tenants in common. A deed of variation to her will was agreed. The executor of her will is her sons whom are also the beneficiary of her estate. The house that I live in is now split between myself and her two sons with myself having 2 thirds and they having the remainder. There was no mortgage protection on the property. During the last 12 months I have met the full mortgage payment that is destroying me. I live on 50 pence a day after all bills have been paid. The beneficiary don't pay any money towards the mortgage yet they expect that when the house sells that their percentage of their share remains the same despite me making full mortgage payments. The beneficiary solicitor has informed me that because I still live in The house that the sons don't have to pay because I have the benefit of the house. And also I should be paying the beneficiary rent. The mortgage company has not yet put their names of the beneficiary on the deeds and my partners name is still on them. extending the mortgage is not an option as I don't have the money to pay them off as it is a substantially amount. This is a nightmare that after 23 years together that my partner could have never had seen coming. Reposession looks like the only option left for me. any advice is most welcome. cancer took my partner and it has destroyed my last memories I have.
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You are given protection insofar as you have the majority shareholding, but only if you keep up the payments. If you do not and there is a repossession, the family of the deceased can whistle - they lose their 'gift'. Under law they are entitled to the moveable estate value only (this does not included property) only when your interest is bought out do they gave free reign.
I'd suggest you get a solicitor to review your options as if you find yourself in dire straits getting the family to pay the mortgage in return for you deeding the property to them following your death might be an amicable solution. However, only your inability to pay the mortgage is working against you, and if you stopped paying and the house repossessed, depending on the amounts owing, there could be nothing in it for the family either - so get advice quickly to find out your options
Look them up and go there NOW.
Many lawyers give 30 minutes advice "pro bono" - look up your local high street, or go in if you are worried about the phone.
I don't know where you are based but there are various financial advice centres, you can look them up online.
If you are over 55 you might qualify for housing from your local council as many local authorities have properties specifically for the over 55's.
I should mention that there's only one of me, don't confuse me with others of the same name.
What shares were TIC?
How much was it valued at what was the mortgage?
For them to get the share she owned they might need to pay off that share of the mortgage
What deed of variation was done?
If you can't afford it then selling may be an option, having joint finances in this way is not ideal long term.
Without funds would you have been unable to pay the mortgage anyway?
Obviously the situation is complicated by the joint beneficiaries situation but might concentrate their minds if repossession is a likely outcome of the present situation.