Mortgage remaining how long will bank give me to decide.

SevenOfNine

Who does Aunt plan to be financially liable for this house (maintenance etc), until such time as she deems you old enough or responsible enough to take charge of your inheritance?

The mortgage problem aside, being a landlord is not an easy task, who will be sorting out tax affairs relating to the rental income? What if the tenants fail to pay the rent, what if squatters move in, burst pipes, new boilers, busted stuff, the list of outgoings can be endless, it's not all income!

This almost sounds as if she's got someone, another family member or friend, lined up as 'tenant', on a more unofficial basis than a proper, legal, tenancy. Has this house been prepared for all the safety (electrical etc) requirements a rental property must have? Have you had sight of the tenancy agreement, is Aunt employing a management company? Too many questions to allow renting out to proceed unchallenged.

May I ask how old you are? I can appreciate Aunt may want to ensure you act responsibly so you get long term benefit from what you've been left, but she cannot simply 'decide' what is going to be done with the property.

There isn't some kind of trust set up in mum's Will is there, with Aunt as trustee?

I agree wholeheartedly with the others, you simply must make your views heard by Aunt & solicitor in writing, & inform the bank you cannot make further mortgage payments, particularly as you do not agree with the decision to rent it out. They will then have questions for Aunt & she will not be able to fob them off so easily.

Afraid you ARE going to have to be very firm. Perhaps Aunt is feeling heartbroken at having to dispose of a loved ones home & everything in it, so wants to try to retain it longer, but it seems to be to your detriment, sadly.

System

I'm 24.

Yes I think she is trying to deal the best she can but failing.

I originally said if I could rent the house out and everything be legal and above board I would roll with that.

However the has now developed not to work.

There is an agency going to be managing the property.

They seem to think this is a short term solution rent property out for say 12 months keep paying bank and hope they say nothing. This is image at best.

I would be the one paying repairs etc.

It's as if they want to remain in control of the house just to ensure I don't run off with the money and blow it.

However I have made it clear if I sell I want to buy a smaller property outright and rent it out. That property would be in my name not tied to anyone else.

The problem I have again is that my aunt was extremely close to my mum...my mum died suddenly with no warning and I have no other responsible adults to advise me. So I'm sort of going along with what they say expecting they know best however when I check out the legal aspects they're all over the show.

Also if the house was rented during probate am I right thinking any rental income has to go via the solicitor as the estate is generating and income?

Yorkshireman99

cclem345 wrote: »

I'm 24.

Yes I think she is trying to deal the best she can but failing.

I originally said if I could rent the house out and everything be legal and above board I would roll with that.

However the has now developed not to work.

There is an agency going to be managing the property.

They seem to think this is a short term solution rent property out for say 12 months keep paying bank and hope they say nothing. This is image at best.

I would be the one paying repairs etc.

It's as if they want to remain in control of the house just to ensure I don't run off with the money and blow it.

However I have made it clear if I sell I want to buy a smaller property outright and rent it out. That property would be in my name not tied to anyone else.

The problem I have again is that my aunt was extremely close to my mum...my mum died suddenly with no warning and I have no other responsible adults to advise me. So I'm sort of going along with what they say expecting they know best however when I check out the legal aspects they're all over the show.

Also if the house was rented during probate am I right thinking any rental income has to go via the solicitor as the estate is generating and income?

Renting is, as has been said before, a BAD idea. Deceiving the bank is a serious matter. In order to rent it out the executor must comply with all sorts of legislation that I doubt your aunt knows much about. Any rental income during probate accrues to the estate not anyboody else. If you collude with your aunt you could end up being liable. Just don't do it! I cannot say clearer than that.

Jenniefour

cclem345 wrote: »

I'm 24.

Yes I think she is trying to deal the best she can but failing. She might have been when you yourself wanted (or agreed) to see if there was a possibility of keeping your mother's house. But since that's been looked at, and the bank has been clear, your aunt needs to get the house sold.

I originally said if I could rent the house out and everything be legal and above board I would roll with that. This comes over as you trying to go along with someone else's idea's about how you should manage your inheritance and has a flavour of coercion.

However the has now developed not to work. Correct. Change of direction needs to be acted on now.

There is an agency going to be managing the property. They need to be informed this is now not going to happen.

They seem to think this is a short term solution rent property out for say 12 months keep paying bank and hope they say nothing. This is image at best. It is a short term solution, but it is not in accordance with the advice the bank provided to you, so it's not legitimate and it does leave you open to further financial risk.

I would be the one paying repairs etc.

It's as if they want to remain in control of the house just to ensure I don't run off with the money and blow it. I think this is at the heart of this - a senior family member trying to exert control. However, as executor your aunt has no legal basis whatsoever in that role to exercise this control. Yes, you can blow the money if you like, because it's yours. You're not running off with the any money - because it's yours.

However I have made it clear if I sell I want to buy a smaller property outright and rent it out. That property would be in my name not tied to anyone else. That's fine, that's your decision. As long as that is what you really want and don't feel you've had to put that option forwards to please or placate your aunt/someone else.

The problem I have again is that my aunt was extremely close to my mum...my mum died suddenly with no warning and I have no other responsible adults to advise me. So I'm sort of going along with what they say expecting they know best however when I check out the legal aspects they're all over the show.

Sudden, unexpected bereavements are terribly upsetting for family and friends, and it's a time when the people close to the person who has died are more vulnerable to making poor decisions. However, the duties of executors are very clear and if there's a legal will there are no big decisions to make - it's more about knowing what you have to do as executor and getting on with it when you're ready. The big decisions are already in the will.

Also if the house was rented during probate am I right thinking any rental income has to go via the solicitor as the estate is generating and income? On the face of it, this sounds like an attempt to try and legitimise the proposed rental, and I doubt whether any solicitor would agree to manage a rental income from any property without charging a fee for doing so. Or you are trying to make sure the rental income would be protected from going into someone else's purse. Speculation on my part, so ignore if it doesn't apply.

See what you get back from the solicitor now. OP, I just wonder your mother had a will or if she died intestate. Just my curiosity, no need to answer. But if you are the only child, which seems to be the case, then if your mother died intestate and you are the only child then the UK laws of intestacy are crystal clear - you get the lot. Look them up if it would help you.

System

There was a will. It was made year ago and stated that I receive everything providing I'm over 18. Which I am.

Yorkshireman99

cclem345 wrote: »

There was a will. It was made year ago and stated that I receive everything providing I'm over 18. Which I am.

Thanks. In which case you have every right to tell, not ask, the solicitor to tell your aunt the facts that she should stop messing about.

System

I have emailed the solicitor and am awaiting response. I have a feeling I wont get one for a few days.

It's quite difficult situation because there's a fine line between trying to suggest that the aren't following steps 100% correctly and basically telling them they haven't a clue what they are doing.

And when your 24 with no experience in this against a person who is mid to late 60s who has more life experience in houses/wills/ etc you have to tread carefully not to say something and get it wrong and have them say....we always knew best and you shouldn't have gotten involved.

Jenniefour

cclem345 wrote: »

It's quite difficult situation because there's a fine line between trying to suggest that the aren't following steps 100% correctly and basically telling them they haven't a clue what they are doing.

And when your 24 with no experience in this against a person who is mid to late 60s who has more life experience in houses/wills/ etc you have to tread carefully not to say something and get it wrong and have them say....we always knew best and you shouldn't have gotten involved.

"Dear Solicitor,

Having carefully reviewed the situation concerning my mother's will it has now become clear that the property must be sold. That is what I want and what I expect to happen. Although I would have preferred to find a way of keeping my mother's house I now know I cannot get a mortgage/loan to redeem the outstanding mortgage amount on my mother's house, and that the mortgage lender will not provide consent to let. Quite the contrary, the bank have directly informed me they expect the property to be sold. So the possibilities to keep the property have now been exhausted.

I would be grateful if you could convey this sensitively to my aunt, the executor, who is also dealing with the sudden death of my mother. I am confident my aunt has my best interests at heart. However, it is now clear to me that the proposed letting of my mothers property is not in my best interests as sole beneficiary given there is no unambiguous, proper legal basis for this course of action in this particular set of circumstances. This course of action may also, unintentionally, incur further reductions to my eventual inheritance, to add to the two mortgage payments I have already made. Whilst my aunt is still executor this might put her in a very difficult position should anything happen which incurs further unnecessary costs for which, as executor, she may be legally liable. I most certainly do not want my aunt to be put in this position. Sh has already put a lot of hard work into settling my mother's estate, which I very much appreciate. She has done her very best to help me. At the same time, it is not clear to me that aunt fully understands the exact obligations of an executor in this situation, neither is there any reason to expect her to know. I do, therefore, expect you to provide her with this information.

I look forwards to receiving confirmation that probate will be applied for, the property will now be sold and the proceeds of the sale passed on to me, as consistent with my mother's will."

Something like that.

Yorkshireman99

You need to be polite but assertive. They need to know that they are dealing with a responsible adult not a seven year old! Jenniefour has it spot on.

Jenniefour

Yorkshireman99 wrote: »

You need to be polite but assertive. They need to know that they are dealing with a responsible adult not a seven year old! Jenniefour has it spot on.

Yes, I fully agree about clarity and a bit of diplomacy. It does get me going when it's clear something is going on that is not altogether above board concerning inheritances.

I have added a bit to put it firmly into solicitors court, and try and make it their obligation to get aunt up to speed.