Death oif mortgage holder

xHannahx

The Estates administrations act I believe has timeframes the estate must be settled In which I believe will including settling his mortgage.
I can't remember timeframes but know the solicitor advised when I was sorting my mums estate that it had to be complete in that time. The solicitor advised me the mortgage company can't take action to recover during that timeframe to allow a fair opportunity for funds to be raised by remortgaging or sale of assets

missbiggles1

not_waving wrote: »

The outstanding mortgage is a little over 36k,

Why can't she get a job and apply for a mortgage herself? Alternatively, she could sell up and buy something else with the equity.

Having such a small amount outstanding gives her several options.

Savvy_Sue

You haven't said how old the children are, and that might make a difference to the suggestions we make.

And although this mortgage company won't let the OP's friend take over the payments, is it worth going to a mortgage broker? You say she could make the payments: if she can evidence that then it may be possible (although I know the regulations have been tightened recently).

not_waving_2

Thank you - I will look at the time frames for administering the estate.

The children are 14 and early twenties.

I doubt that my friend can get a mortgage. She is currently in benefits (she was carer for her husband before he died) but it looking for employment. However, with no recent history of employment it is not that easy. Also, I didn't think it was that easy to get a mortgage these days, especially with poor credit history. If it was a case of just getting a job and she could get a mortgage straight away then this country has learnt nothing from the financial crisis!

getmore4less

2 potential earners in the property.

There will be some time to try and sort this out but there needs to be a review of the finances and benifits as well as trying to find work.

thorsoak

It is possible that she may be able to sell the house to a Housing Association and remain in the property, paying rent. I know it is an option in some areas, where there are children involved.

However, before this happens, she is going to have get letters of administration, in order to be able to sell the house.

not_waving_2

Thank you thorsoak - I will look into that. I doubt that a HA will want to take on the property as it is in a bad state of repair but you never know.

There is one earner in the household who is on a low wage, although works full time. My friend is also looking for a job. However, I assume that a mortgage company would want to see a deposit in place and a reasonable credit history, all of which isn't going to happen before the current lender takes action.

This must happen to other people as well, but it seems horrible at such a difficult time anyway.

Ms_Chocaholic

not_waving wrote: »

Thank you thorsoak - I will look into that. I doubt that a HA will want to take on the property as it is in a bad state of repair but you never know.

There is one earner in the household who is on a low wage, although works full time. My friend is also looking for a job. However, I assume that a mortgage company would want to see a deposit in place and a reasonable credit history, all of which isn't going to happen before the current lender takes action.

This must happen to other people as well, but it seems horrible at such a difficult time anyway.

The deposit will be the equity in the property. How much do you think it's worth, it could well be a hefty deposit.

comeandgo

The deposit will be the equity in the house. Do you know an estimated value of the house? Is your friend getting all the benefits she should be getting?

Savvy_Sue

not_waving wrote: »

Thank you - I will look at the time frames for administering the estate.

The children are 14 and early twenties.

I doubt that my friend can get a mortgage. She is currently in benefits (she was carer for her husband before he died) but it looking for employment. However, with no recent history of employment it is not that easy. Also, I didn't think it was that easy to get a mortgage these days, especially with poor credit history. If it was a case of just getting a job and she could get a mortgage straight away then this country has learnt nothing from the financial crisis!

Look, I know this is going to sound harsh, but really, with the children at that age, is there really anything to be gained by hanging on in this house?


Who knows how long the 20 year old will stick around. In four years' time the 14 yo could be off to Uni.


And there's mum, stuck alone in a house with her memories.


By all means let her explore all the options, it isn't a large sum and a broker may be able to help (and they would know if there was no hope too).


I know some will say hard enough to lose your dad, too hard to have to lose your home too, BUT far far better to CHOOSE to move on than face repossession and a very uncertain future.


In fact, there's a possibility that the 20 yo would not be considered eligible for housing with Mum and teen, would be expected to fend for themselves in private rented (as if!), while Mum and teen could be sent to a B&B.