Can we move into deceased in-laws home?

NewbieLou_2

Please move if this is not the right place.

Basically, to cut a long story short my OH tragically lost both his parents in the space of 8 months last year. Their house has been empty and on the market for nearly a year now and showing no signs of selling. We're currently renting a 2 bedroom house with a growing family and we were hoping that the money from the sale of the house would give us a good deposit to buy our first home.

However, like I said, house is not selling. Plenty of visits but it does need a lot of work doing to it as it wasn't looked after that well. Mortgage wasn't fully paid when the in laws passed away, there is 20k left in it (house is valued at 125k). So we have talked at length and even though I was adamant I don't want to move in as it would never be mine (if you get what I mean) it just seems to make sense for us to move in, renovate it and in a few years get our own home. We're currently paying 600 a month in rent when we have a 3 bedroom detached house literally sitting there empty.

So really my question is, how do we go about buying the house? Do we need to get a full mortgage to cover the 125k? Or do we need a mortgage to cover the remaining balance on the house?

Sorry for the essay, can anyone advise?

G_M

Who are the Executers?
Who is currently managing the property (insurance etc)?
Has a Grant of Probate been issued?
Who are the Beneficiaries?

NewbieLou_2

Hi thanks for the reply.

Executor is my OH.
We're currently managing property out of in-laws small savings ie. Insurance and council tax etc
Probate was issued March 2015
Benficiery is OH

Birdman2015

NewbieLou wrote: »

Hi thanks for the reply.

Executor is my OH.
We're currently managing property out of in-laws small savings ie. Insurance and council tax etc
Probate was issued March 2015
Benficiery is OH

Are you paying council tax? I was allowed an exemption for 6 months after my dad passed away.

AnnieO1234

I would say provided it was local and you weren't going to incur extra costs by having to move to the house then definately yes do it. You'll get security, a step on the ladder and can make the changes needed. While the house isn't lived in it will get more and more into disrepair, putting buyers off and potentially losing you money xxx

NewbieLou_2

Birdman2015 wrote: »

Are you paying council tax? I was allowed an exemption for 6 months after my dad passed away.

Yes, we got the first 6 months exception. But as the house has been empty since December 2014 we have paid council tax since June this year x

NewbieLou_2

AnnieO1234 wrote: »

I would say provided it was local and you weren't going to incur extra costs by having to move to the house then definately yes do it. You'll get security, a step on the ladder and can make the changes needed. While the house isn't lived in it will get more and more into disrepair, putting buyers off and potentially losing you money xxx

It's 10 minutes down the road. Nearer to family and friends. We would have to change our daughters school but the schools near the house are great and our daughter is only 4 so should hopefully adapt easily.

We have thought about all aspects and want to go ahead and move in but were unsure how to do it financially?x

Prothet_of_Doom

Most people who have a mortgage have life cover to pay off mortgage. Executor should check that fact first. (Not sure how you find out)

But if not, then the house minus £20K belongs to those named in will, so yes all you'd have to do is get a mortgage of £20K and pay back the lender. I'd be checking with a solicitor and looking at mortgage products, but maybe borrow more and fix up the house ?

Prothet_of_Doom

Over 25 years that would cost you £95 a month
or if you paid £600 a month JUST 2 years !!!!!

jackomdj

Depending on your finances you could take out more than the £20k, pay off the current mortgage and have money left to pay for the renovations. You would probably find it easier to get a mortgage for a slightly higher amount anyway as some mortgage cos have a minimum they will give.

jackomdj

NewbieLou wrote: »

The life insurance did cover mortgage but OH father was diagnosed with terminal cancer and cashed in life insurance and enjoyed himself basically! Holidays, cars etc. The first thing I would have done would be put off the mortgage but that's not what happened 😕

Good on your FIL, why the hell not enjoy your last bit of time :T