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

Keep_pedalling

You really should just simplify your life and sell it.

System

If there was much more left on the house owing I would sell. But 40k against a 110k house, in a good area, 3 bedroom semi with garage with good neighbours isn't always available. As I am bouncing between countries I basically have ruled out my chance of getting a mortgage in the UK for a few years.

That would mean I would have the money sitting in the bank and if I ever returned I would pretty much need to be 100% cash buyer. My credit wouldn't be the best either although I have no debt so I would be looking more at a 3 bedroom terraced house with whatever profit was left.

If the bank are happy to let it roll on I dont mind. I just wanted to know if anyone had experienced the same. If it rolled on 12-18 months my ability to just pay the rest of the mortgage in cash would be heavily increased.

Keep_pedalling

frannyj543 wrote: »

If there was much more left on the house owing I would sell. But 40k against a 110k house, in a good area, 3 bedroom semi with garage with good neighbours isn't always available. As I am bouncing between countries I basically have ruled out my chance of getting a mortgage in the UK for a few years.

That would mean I would have the money sitting in the bank and if I ever returned I would pretty much need to be 100% cash buyer. My credit wouldn't be the best either although I have no debt so I would be looking more at a 3 bedroom terraced house with whatever profit was left.

If the bank are happy to let it roll on I dont mind. I just wanted to know if anyone had experienced the same. If it rolled on 12-18 months my ability to just pay the rest of the mortgage in cash would be heavily increased.

I don't understand this, on the one hand you say you would not be able to get credit to buy on your return to the UK on the other you say you could possibly pay off the mortgage in 12-18 months. If you can save that much surely you will be in a position to buy a similar house as a cash buyer, if you sold now and saved for that purpose. Seems to me that you would be able to save more with no interest, council tax (which is likely to be charged at 150% if it remains empty) or ongoing solicitors charges associated with the current house.

System

It's all subject to my business which is on the up takings wise every couple of months. Hence although today I can't get finance to keep the house over the next 12-18 months along with the help of my partner I could probably but straight away.

getmore4less

I can see the logic this is a relatively inexpensive way to keep a property in the UK if funds allow far from optimum but that is your call not ours.

Given a sale and buy could well eat up £5k+ that's a few months covered.

System

Yeah that's it. Wouldn't be much point selling now to try and buy a similar property in a couple of years. House prices likely slightly hire and then as you say selling and buying costs etc.

If the bank give me 1 more year without any questions which may be unlikely but who knows, I should be in position to keep it. However if bank ask for a decision in next couple month selling the only option. Unless a santa drops a bag of 25k or so for Christmas.

brewerdave

Surely the decision to sell should be the executors of the will ?
It was my understanding that they have a duty to maximise the value of the estate - I'm not sure how probate could be granted with the house still in the name of the deceased.

Jenniefour

All properties remain in the name of the deceased until probate has been granted, no change can take place without a copy of the probate document.

Yorkshireman99

brewerdave wrote: »

Surely the decision to sell should be the executors of the will ?
It was my understanding that they have a duty to maximise the value of the estate - I'm not sure how probate could be granted with the house still in the name of the deceased.

The executors have no obligation to wait until property prices rise to sell. The fact the property is still in the name of the deceased makes no difference to obtaing probate. In any case if the house has been left entirely to one person the executor normally just conveys it to them. What would normally happen where there is a mortgage is for teh executor tto sell the property, redeem the mortgage and pay the beneficiary the balance after paying all the cost.

System

That is the normal thing but this isnt normal. Solicitor has encouraged it to remain as part of estate, how I dont know.

As it currently sits i have already received all money left after funeral and solicitor expenses.

That's why I said the house is sitting in limbo. Bank are taking my payments, house still in deceased name and executors are not making a decision to sell because we want to try and see if I can get the money to pay the mortgage.

An executor is always going to consult beneficiary especially when it's close family. Why sell a house straight away if there could be another option.