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Removing a 2nd charge on property
Broady82
Posts: 1 Newbie
Anyone know how to remove a 2nd charge on my house? I am needing to remortgage but the mortgage company advise that I can't until the charge is removed or the person who holds that charge sign a deed of postponement. Sadly my mum who held the 2nd charge passed away a few years ago so can't sign a thing. The family have probate and my eldest sibling is the executor of my mum's will. The 2nd charge was for mum loaning me a deposit to be repaid if I sell my house. Help!
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Comments
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You will have to remortgage for sufficient funds to repay the debt to the estate and have the charge removed; or the Executor of the estate will have to produce a deed of postponement, as already mentioned.
The charge will then remain in place, second to the new mortgage lender's first charge as is currently the case.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sadly my mum who held the 2nd charge passed away a few years ago so can't sign a thing. The family have probate and my eldest sibling is the executor of my mum's will.
The 2nd charge was for mum loaning me a deposit to be repaid if I sell my house.
Will your share of the estate be as much as (or more than) the deposit?
If so, the executor could deduct that from your inheritance. You wouldn't need to raise the money to repay the debt.0
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