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Complicated Probate case... sigh

edited 14 June 2019 at 4:05PM in Deaths, Funerals & Probate
127 replies 7.8K views
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  • edited 15 June 2019 at 4:23PM
    getmore4lessgetmore4less Forumite
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    edited 15 June 2019 at 4:23PM
    Adams18 wrote: »
    Apologies, but I couldn't follow!

    That was just a summary of what you have said in previous post taken to the next stage of realising the beneficial interest in the property.

    What the partner may have worked out is that if they wait and you pay off the mortgage they potentially get more money into the estate to have a claim over(25% of the mortgage)
    But my solicitor warned me that I were to remortgage or pay the 80k debt in 3 months, the court order for the triggering events would cease (as it is somehow incumbent on the existing mortgage/outstanding liability on the property.

    No ideas what that is all about but don't have access to the docs.

    Anyway

    what I was saying is now there is nothing stopping the grant get one buy out the beneficial interest of the estate and separate the house from the estate.

    Then argue who inherits from the estate once you have the grant the partner would need to instigate the proceeding.
    Will they be able to afford it.

    Caveats are relatively cheap, chances are the partner has finally realised that any claim would be costly and probably fail so are backing off.


    note : the beneficial interest into the estate does not have to be real cash until someone claims it as the default beneficiary will be children(you and any siblings) you will only need enough initially to cover the siblings shares, if a claim succeeds then amount of the claim
  • LintonLinton Forumite
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    From Tom99 s numbers it would seem that your father died owing money, his debts were larger than his assets. So assuming I am not completely confused by the situation ISTM what could happen is
    1) you tell the lender what has happened and what you plan to do to get their money repaid.
    2) mother buys the 25% from your father’s estate for a professionally determined value.
    3) That money plus plus an extra amount is used to pay off the mortgage, the money being a gift from you to your mother.. I guess that your mother is jointly liable with your father’s estate for paying off the mortgage anyway.

    All debts must be paid before beneficiaries get anything. So in this case there is no money for the partner.
  • edited 15 June 2019 at 4:27PM
    Tom99Tom99 Forumite
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    edited 15 June 2019 at 4:27PM
    Linton wrote: »
    From Tom99 s numbers it would seem that your father died owing money, his debts were larger than his assets. So assuming I am not completely confused by the situation ISTM what could happen is
    1) you tell the lender what has happened and what you plan to do to get their money repaid.
    2) mother buys the 25% from your father’s estate for a professionally determined value.
    3) That money plus plus an extra amount is used to pay off the mortgage, the money being a gift from you to your mother.. I guess that your mother is jointly liable with your father’s estate for paying off the mortgage anyway.

    All debts must be paid before beneficiaries get anything. So in this case there is no money for the partner.
    No the OP has now confirmed that father was entitled to 25% of the net proceeds after redeeming the mortgage so in effect mother is liable for 75% of the mortgage.
    That explains the interest only mortgage, why would father reduce/repay mortgage when he would only get 25% back.
  • getmore4lessgetmore4less Forumite
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    Would really help if you pulled this into one thread and stop dribbling new information selectively into different places.
  • Adams18Adams18 Forumite
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    Tom99 wrote: »
    So (£500k-£80k)/4=£105k
    In effect 75% of the mortgage repayment would come out of your mother's share.


    That is exactly right, which I told solicitor and he was like yeah, when you divy it up ... thats pretty much how the cookie crumbles.

    But what can we do? No life insurance, no endowment policy, someone has to pay or the house is gone. Been here for 25 years.
  • Adams18Adams18 Forumite
    109 posts
    Sea_Shell wrote: »
    Under normal circumstances wouldn't the mortgage lender give some time for probate to be obtained and the debt settled from the estate??

    They wouldn't go immediately to repossession on notification of death, surely.

    Who is the lender, as someone may have personal experience of this.


    Yeah you are probably right, they would give time and extension for letters of administration to come through... so I may have some time. Lender is santander
  • Adams18Adams18 Forumite
    109 posts
    Would really help if you pulled this into one thread and stop dribbling new information selectively into different places.


    And how can I do that
  • MojisolaMojisola Forumite
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    Adams18 wrote: »
    It's in his sole name, the lender will not deal with anyone else in divulging account details, except we get their correspondence to our address all the time, which is where my dad USED to live 20 years ago.

    I earn very well, and between me and my mom we have 80K on hand to pay the lender if it comes down to it.

    they don't deal with my mom except to take money from her for arrears/monthly payements which I give to her.

    If you did a documented loan to your mother of the money needed to clear the mortgage, wouldn't that protect your money?
  • Adams18Adams18 Forumite
    109 posts
    Tom99 wrote: »
    No the OP has now confirmed that father was entitled to 25% of the net proceeds after redeeming the mortgage so in effect mother is liable for 75% of the mortgage.
    That explains the interest only mortgage, why would father reduce/repay mortgage when he would only get 25% back.

    This is correct.
  • Adams18Adams18 Forumite
    109 posts
    Mojisola wrote: »
    If you did a documented loan to your mother of the money needed to clear the mortgage, wouldn't that protect your money?


    Well something to that effect, I hope, would protect my money. But I figure probate will clear this up, as his debt is my responsibility at that point as the executor of his estate, I should be able to work something out with them in paying the money from my account and they giving me confirmation of the account being closed.

    I am the successor after all, his son. They should share all account details with me.
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