How low can you go?

Claire86

Hi all,

I'm hoping someone can help me. Nearly 7 years ago my partner's mother passed away and in the will she left the house to her sister (his aunt). He has lived in the house since he was a kid so it really should be his but I digress. He has spoken to his aunt many times about getting the house changed into his name but she keeps saying it can't happen until the mortgage is paid off which is around £2000. My question is can you even get one as low as that and also what can you get it to cover? Would it only be that or can you ask for an amount that could cover home improvements as well. Thanks in advance for any help.

[Deleted User]

Couldn't you save up the 2,000, it would surely be worth being frugal for a few months until it was reached.
Alternatively, a loan, again, it seems a shame to let such a relatively low figure stop you from getting it.


That said, her sister/the aunt might have her own reasons for not going against her sisters wishes.

getmore4less

Was there a mortgage on the house when the mother died.
Who administered the estate?

If there was a mortgage has this been renewed by the aunt and the estate settled or is is it still in administration?

Who is paying the mortgage.

How much is the house worth?
There may be IHT implications for the Aunt if she gifts the house.

£2k is a loan or CC balance transfer range if you have income to pay that off in a year or 2.

Small mortgage over longer term is an option to buy the house off the aunt and raise cash for work,.

There may be more going on.

Who is living in the house?
Who is paying the utilities council tax etc.?
Who is paying maintenance?
Who are the registered legal owners?

Claire86

Hi

The reason his aunt owns the house is because the will was written when my partner was very young and his mother set it up in a way that if she died when my partner was still a kid then no one could argue the bit and get it taken from him (she had left his father and thought this might be a possibility). As for how much the house is worth I have not a clue I've tried looking at Zoopla etc and have nothing to compare it against as we're a two bedroom in a sea of 3/4 bedrooms. We live in it, pay the bills, council tax you name it. I would try and just save the money but there are other reasons why I would want it sorted out quicker than taking the time to save.

ACG

Get a loan or an overdraft for the £2k? Far quicker and easier than a mortgage.

Caz3121

there will likely be a capital gains tax liability for the aunt that will need investigated and some possible complexities if the aunt gives away the property and claims / needs to claim means tested benefits

Claire86

I don't know what difference it makes but technically she doesn't officially own it either. The more I try and think about the situation the more I just get worked up about it. If we had more sense at the time I would have told my partner to contest the will seeing as it was him that grew up in this house and still lives in it and she doesn't. We're just looking at ways for it to be officially ours to provide us with a bit more security. A loan might be an option but we would be looking at a bit extra to get some aspects in the house fixed up which would probably cost a fair bit.

getmore4less

I don't know what difference it makes but technically she doesn't officially own it either.

you need to explain that, as that is contrary to what you said in the first post.

in the will she left the house to her sister (his aunt)

Claire86

She pays what's left of the mortgage that's why I assume ownership on her part . However if she were to make changes to the ownership she needs to involve the other executor of the will (why I assume maybe she doesn't have full ownership). Bearing in mind sometimes I feel she's is feeding us bs in order to keep a hold of it herself. It's not like we all don't get on, there's no family tension or anything she just doesn't seem to want to let go of it. We just want it sorted before she kicks the bucket as we don't have a way of contacting the other executor (I know the lawyer probably would). As far as i can remember from her taking us through what is in her will there's nothing in it about this house transfering to my partner so I guess we don't want it being stuck in some kind of limbo.

freddielover

[QUOTE=

. He has lived in the house since he was a kid so it really should be his .[/QUOTE]

Why? It was his mothers house and she can leave it to whomever she chooses, which it appears was NOT your partner, so no, it should NOT be his!

Thrugelmir

Claire86 wrote: »

Nearly 7 years ago my partner's mother passed away and in the will she left the house to her sister (his aunt).

Why does the property become your partners?

Who has been paying the mortgage for the past 7 years?

What does the will say regarding ongoing occupation by your partner?