Probate/solicitors end finalised but house still left in limbo.

Legacy_user

I have posted here previously regarding this situation.

I dont want advice or opinions I want "what happens next".

-Mother died almost 1 year ago.
-Probate granted 7/8 months ago.
-Money from mother's bank deposited into mine a few weeks ago.
-Solicitor has held £500 in event of anything cropping up.
-house that still has a mortgage that was only in my mothers name is sitting with no decision made on it to sell. The bank haven't brought thr topic up, the solicitor has turned a blind eye and said for me to continue to pay the mortgage if I think I might want to keep the house and buy some time to see if I can get the funds together.

Tell me when, how or what happens next. Surely the bank would right to say ok where are yous at with the decision on the house. I am not executor but from speaking with them there seems neither they or the solicitor have been approached from the bank to find out what is going on.

Will the bank write at some point asking what we are doing with the house or What? The estate has been completed funds have reached my account and communication with the solicitor has ceased.

I understand laws etc I have heard and read but this is the above situation. Anybody been in this before?

I am not getting into solicitors and saying what's going on. I am waiting for someone to take a stance and ask what we are doing as it currently suits me for the bank not to question and for me to continue to pay the mortgage to I decide what to do with house.

getmore4less

frannyj543 wrote: »

I have posted here previously regarding this situation.

I dont want advice or opinions I want "what happens next".

-Mother died almost 1 year ago.
-Probate granted 7/8 months ago.
-Money from mother's bank deposited into mine a few weeks ago.
-Solicitor has held £500 in event of anything cropping up.
-house that still has a mortgage that was only in my mothers name is sitting with no decision made on it to sell. The bank haven't brought thr topic up, the solicitor has turned a blind eye and said for me to continue to pay the mortgage if I think I might want to keep the house and buy some time to see if I can get the funds together.

Are you still paying the mortgage?

Tell me when, how or what happens next. Surely the bank would right to say ok where are yous at with the decision on the house. I am not executor but from speaking with them there seems neither they or the solicitor have been approached from the bank to find out what is going on.

banks tend not to care if they are getting paid

Will the bank write at some point asking what we are doing with the house or What? The estate has been completed funds have reached my account and communication with the solicitor has ceased.

I understand laws etc I have heard and read but this is the above situation. Anybody been in this before?

I am not getting into solicitors and saying what's going on. I am waiting for someone to take a stance and ask what we are doing as it currently suits me for the bank not to question and for me to continue to pay the mortgage to I decide what to do with house.

The estate has not been completed.

Looks to me like the solicitors are waiting for you to make up your mind. they won't do anything till either you orthe bank do something,

the bank probably won't bother while getting paid

Are you going buy the place off the estate or let the estate sell it?


"what happens next"

looks like it is your move.

System

I can't afford the rest and can get a mortgage as I am a non UK resident not have I lived in my current country long enough to get substantial borrowing.

As things stand I can comfortable afford the mortgage payments but no bank home or away will loan me or grant me a mortgage for the other 40k or so left.

As I said it suits me for things to lie as they are but I'm always looking over my shoulder waiting for the bank to any day contact them and push me for a decision.

How long would the bank really let it lie if they recieved payments. If it was over 18 months more there's a good chance I would actually have the money to clear it then.

Voyager2002

My guess is that the bank will not do anything so long as the mortgage continues to be paid. However, do be aware that it is not a good idea to leave a house empty for an extended period: if you are in another country then at the very least ensure that someone visits the house regularly and arranges whatever maintenance is needed.

Be aware also that if the house is left empty you may invalidate the insurance, and that would be a major breach of the mortgage conditions. So you might be tempted to get a tenant and so gain some additional income, but doing so without 'consent to let' from the lender would again breach the mortage conditions. If the lender is aware that their borrower has died they might be on the look-out for property letting or would check that the insurance is valid, so take great care not to breach the mortgage conditions.

Do you have a copy of the original mortgage agreement? Would that not answer your question?

System

I have unoccupied house insurance on it. I have a neighbour that calls in once or twice a week just to keep an eye and to hide any post.

Also the executor pops in regularly so the house is well watched.

Renting is tricky with consent to let. If I found someone I trusted who would keep things on the quiet would be an option but again it's hard to find someone like that. Usually it's a friend and never a good idea letting to a friend.

I just thought the bank would be more proactive to see what is going on. I call up pay the mortgage no questions asked. The problem I had is I asked the bank before I can meet the payments I know I can't legally take over the mortgage but how long do you think i could meet payments for to o I decided and they said not very long hence why I'm sort of thinking il get a letter soon or solicitor will.

Jenniefour

You need to be proactive here and make a decision because it's your inheritance. The options are a) keep spending money on the mortgage payments indefinitely which reduces your inheritance every single month, or b) sell the property. How much of your inheritance are you're willing to keep giving away?

I very much doubt the bank are going to take a hard line on this anytime soon as it involves a bereavement and they're getting their money so they're happy.

System

Why would I be reducing my inheritance by paying a mortgage?

getmore4less

Even when they get wise you can drag it out further by actively marketing it.

The interest and other costs are a drain you seem to be willing to take.
Any capital payment just increases equity.

Jenniefour

frannyj543 wrote: »

Why would I be reducing my inheritance by paying a mortgage?

Assuming it's a repayment mortgage you will be increasing your equity but part of the mortgage payment will be interest. If house prices are stalled in the local area then you're potentially losing out. If prices are going up then it's potentially in your favour. But you do have some running costs too - insurance etc.

kelpie35

also you will have to start paying full council tax on empty property as per the budget today.

System

Yeah I've factored in interest and also I had to pay rates and the insurance so I am probably out in total over 12 months £2000. However the house prices have slightly increased so I'm probably about even as things stand. Which I don't mind even a marginal loss as it gives me time to decide. Id rather take a 1-2k hit than sell at wrong time or in the wrong mindset when maybe I can do more