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Renting out a Probate Property

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    zellytbaby wrote: »
    There is a solicitor in place too.

    (

    Make a call.
  • xylophone
    xylophone Posts: 45,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Has probate been granted?
    What were the exact terms of the will?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    jaybeetoo wrote: »
    The OL hasn't said if the mortgage has been paid off. If it hasn't then wont the mortgage company will have a say in whether it can be let out or not?
    Yes - one they find out.......
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    a run down house which my MiL had valued at 100K,
    This would be difficult to sell or get a mortgage on ( So cash buyer!)
    MIL has now spent money on doing up property and is
    1 worth more
    2 easier to sell
    3 easy to rent out

    She can now look at BTL mortgage ( Interest only) to pay my husband and my husband's brother there share £31K each
    Mum has rental income for years to come and may leave both her home and BTL property to sons
  • zellytbaby
    zellytbaby Posts: 4 Newbie
    Mortgage of 27K is still outstanding on the property, but under the impression that this has been frozen...

    Just can't help thinking that MiL is proceeding with her own plans before probate if fully granted, but will not pay off the other two until probate is fully granted and does not seem to be at all pro-active with chasing up the solicitor to get things moving. Guess it's probably a case that she wants to leave her money in the bank as long as possible to accrue interest, as well as receive rental income from the property!
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