Inherited property not sure what to do next

HampshireH

But you own a % and have an interest which you would need to declare.

Is she eligible for a mortgage ? Who would pay for maintenance? Would she expect you to go halves even though she is receiving 100% value from the property.

You are basically walking away from your inheritance but will still be tied to it financially and legally.

Likewise has she tried to get a mortgage by herself on a property you jointly own?

If she didnt pay the mortgage and they took legal action this would impact you too.

Sharonk1403

That is definitely something i need to look into . She hasnt tried to get a mortgage yet im just getting some advise to give me a clearer picture of what could and will happen and what we need to do next

It would be so much easier to sell but i think my sister wants to use that as a final option and she will try to get a mortgage herself

getmore4less

Sharonk1403 wrote: »

I was told because my aunty is named as executor on the will and is still alive she would have to be named on probate

That was not true.
Whoever told you that can not be relied on.

You could have been named but that option has passed now.

I would be looking at getting a mortgage broker involved to review the viability of sis getting a suitable mortgage.

Decide if you want to live there, looks like no.

Get proper advice on the benefits situation for both of you.

Does sis need a 3 bed house?

Sea_Shell

I understand why your sister wants to hang on to the house, but you're both still grieving and emotions will be running high, so maybe not the best time to make big decisions. Maybe it could actually help your sister to move on with a fresh start?

However, with the clock ticking on the mortgage repayment, its putting you both under pressure to DO something. Tricky.

Sharonk1403

I think i will go and speak to a mortgage advisor with my sister and see what thay say about the situation
Im at a loss as my sister doesnt have a clue and wont speak to people on the phonr or go to apppintments by herself
My aunty doesn understand all the things about mortgages
So most of it is me trying to find out what i need to do next
I do think i need to get a professional involved as i have a feeling tjis is gonna go tits up and if im the only one dealing with it all it will fall on my head if it goes wrong

Thank you all so much for yout advice and kind words i really do appreciate it and ive got some ideas now and where to go next
So again thankyou all

Sea_Shell

Another thing...are you sure there is no Life Insurance to cover the mortgage??

It used to compulsory (i think) years ago when we first took ours out.

Sharonk1403

Ive searched high and low in the house and all insurances have eiter been cancelled ot lapsed
Im going to get in touch with GE Money on monday and see if the can send me out the contract that was signed when mum and dad mortgaged through them
My mum kept sayin when i die the house is all sorted for the girls so weve been looking and upto now found nothing but i will keep searching and see what i can find

Is there an option were the life insurance can be paid off before the full mortgage is paid if that makes sense

Sea_Shell

Sharonk1403 wrote: »

Ive searched high and low in the house and all insurances have eiter been cancelled ot lapsed
Im going to get in touch with GE Money on monday and see if the can send me out the contract that was signed when mum and dad mortgaged through them
My mum kept sayin when i die the house is all sorted for the girls so weve been looking and upto now found nothing but i will keep searching and see what i can find

Is there an option were the life insurance can be paid off before the full mortgage is paid if that makes sense

With Life cover, if you stop paying, cover lapses.

Sharonk1403

Yes i thought that ive found 5 or 6 different policies and they have all lapsed
I was hoping there could be one attached to the mortgage that was paid in one payment if u know what o mean so mortgage payment plus life insurance equals total monthly payment but i doubt that due to the luck weve had over the whole thing

I always said i never want a mortgage there 2 complicated and stressful and here i am trying to help sort one for my sister

Everywere ive turned ive been either blocked or told policy no longer valid ... been a nightmare

Sea_Shell

Sharonk1403 wrote: »

Yes i thought that ive found 5 or 6 different policies and they have all lapsed
I was hoping there could be one attached to the mortgage that was paid in one payment if u know what o mean so mortgage payment plus life insurance equals total monthly payment but i doubt that due to the luck weve had over the whole thing

I always said i never want a mortgage there 2 complicated and stressful and here i am trying to help sort one for my sister

Everywere ive turned ive been either blocked or told policy no longer valid ... been a nightmare

Actually, there could've been, if it was rolled in like PPI. However, surely if there was, then it would have paid out, and you wouldn't be where you are. So, no, sorry.