Death , just found out I'm tenant in common and not joint , advice needed x

Keep_pedalling

The OP must be living in a part of the country where house prices have fallen significantly to have zero equity in the house, no one gets 100% mortgages these days.

getmore4less

A lot was covered back in Sept, the op said in that thread

With regards to credit, the house at a guess has very little equity ... we paid 165 and there's still a mortgage of 159

it is quite important to establish what if any equity there is as that will form part of the estate.

If the house is in negative equity then the OP becomes creditor.

konark

This mortgage situation still makes no sense.

The OP says they paid £165,000 for the house yet the mortgage is £159,000, which is virtually 100% of purchase price. The OP further states they've been paying the mortgage 'for years' but yet the amount owing has not fallen but surely risen ,unless they got a 100% mortgage and that would have been at least a decade ago and prices have certainly risen since then.

Keep_pedalling

konark wrote: »

This mortgage situation still makes no sense.

The OP says they paid £165,000 for the house yet the mortgage is £159,000, which is virtually 100% of purchase price. The OP further states they've been paying the mortgage 'for years' but yet the amount owing has not fallen but surely risen ,unless they got a 100% mortgage and that would have been at least a decade ago and prices have certainly risen since then.

Prices have not risen everywhere, and in another post the OP says they are in negative equity. I assume the mortgage was interest only.

Kerri7767

Correct , interest only x

Kerri7767

I have a solicitor appointment today , the credit card debt I've been told isn't the problem , ( one has been wrote off) the others I'm awaiting decision , this appointment is about the tenant in common issue

Kerri7767

Update been to the solicitor , probate not needed and she will be informing the mortgage lender that Hub left all to me under rules of intestacy .

Also she will be dealing with the land registry to get the title deeds to put into my name .

Land_Registry

Kerri7767 wrote: »

Also she will be dealing with the land registry to get the title deeds to put into my name .

Late to the thread but reads as if the ownership issue is being sorted by your solicitor.

I assume, although I don't think you have stated precisely, that the property was registered in your joint names. Referencing to your being named in the mrotgage clouds that issue as if you were a joint registered owner then you would also be a borrower within the terms of the mortgage.

Anyway, if the solicitor has stated that you don't need probate to transfer the property, then you must be both named as joint owners. The register needs to be updated re his death which means his details would be removed.

The TIC aspect remains though and that may mean that there is a form A restriction on the title. If there is then it's not an issue now but will be when (if) you come to sell/remortgage.

As such it may be worth asking the solicitor to check/confirm for you and, if it is registered, whether they are taking any steps to apply to remove it. If everything has come to you and you are the sole legal and beneficial owner then the restriction (if there) may no longer be relevant.

If you are holding say his share in trust for the children for example then it may still be relevant and (if there) can remain to protect their interest.

It is a complex area to understand, and you know that already, and certainly not trying to add to your worries here. But worth just checking/confirming now especially as it reads as if you are trying to put all your affairs in order.