Solvent Estate

John1955

There is more than ample debt cover when I sell my Father's house, but I would like to cash in PB's to spend on house before selling. Is this okay as I am not settling credit card debts first.
House 350k debts 50k PB's 20k

Keep_pedalling

I would do no more than give the place a clean up and a lick of paint. You rarely get more than you spent on the refurb on the sale price and the delay you put on paying the creditors back is liable to increase the debt. Once probate has been obtained expect to be rightfully hounded by the creditors if you do not put the house on the market.

DCFC79

What needs doing to the house ?

You sure its wise to spend money on it ?

I take it you've had it valued hence the 350k price.

Yorkshireman99

John1955 wrote: »

There is more than ample debt cover when I sell my Father's house, but I would like to cash in PB's to spend on house before selling. Is this okay as I am not settling credit card debts first.
House 350k debts 50k PB's 20k

As executor you MUST put the interests of the estate first without regard to your own interests. Delaying the house sale to suit yourself is NOT allowed.

Brynsam

John1955 wrote: »

There is more than ample debt cover when I sell my Father's house, but I would like to cash in PB's to spend on house before selling. Is this okay as I am not settling credit card debts first.
House 350k debts 50k PB's 20k

In today's market, selling a house at all is an achievement. Talk to local estate agents to find out if it worth investing any sort of money in tarting up the place - a really thorough clean from top to bottom by professional cleaners may be the 'best' use of your cash and should cost no more than a couple of hundred pounds, if that, depending on the house and the state it's in.

Spending £20K on what is quite a modestly priced house may be a total waste of money, even if the creditors were willing to go along with your idea of using estate assets to do up the house before trying to sell it (and they aren't likely to).

Yorkshireman99

Brynsam wrote: »

In today's market, selling a house at all is an achievement. Talk to local estate agents to find out if it worth investing any sort of money in tarting up the place - a really thorough clean from top to bottom by professional cleaners may be the 'best' use of your cash and should cost no more than a couple of hundred pounds, if that, depending on the house and the state it's in.

Spending £20K on what is quite a modestly priced house may be a total waste of money, even if the creditors were willing to go along with your idea of using estate assets to do up the house before trying to sell it (and they aren't likely to).

The most common cause for houses not to sell is over optimistic pricing.