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mortgage: who pays ?
Comments
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so the problem being who gets the house, no will, no second mortgage, nothing at the moment is setup.
Thats no problem. The property is in the estate as an asset and the mortgage as a liaiblity. The executor of the estate will sell the property which will clear the mortgage.
No-one gets the house unless one of the beneficiaries wants to stump up the cash to buy it. Otherwise it goes up for sale to the public.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Kronas,
The owner of the house should make a Will to decide who should inherit the house (or the entire estate), otherwise the intestacy rules will decide for them.[FONT="]Public wealth warning![/FONT][FONT="] It's not compulsory for solicitors or Willwriters to pass an exam in writing Wills - probably the most important thing you’ll ever sign.[/FONT]
[FONT="]Membership of the Institute of Professional Willwriters is acquired by passing an entrance exam and complying with an OFT endorsed code of practice, and I declare myself a member.[/FONT]0 -
Kronas,
The owner of the house should make a Will to decide who should inherit the house (or the entire estate), otherwise the intestacy rules will decide for them.
ah, i just looked up what the intestacy rules are, unfortunately when the person who 'carried' the family has died, and im the only one who gives a damn about day to day running of the house, expenditure maintanance and upkeep of the building and its internal structure then i need to know about these things, its a poor situation for me as im inexperianced in these thingshence the questions!greatly appreciate your advice all!0
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