Mortgage advise

Dani_j89

My partner has suddenly passed away and did not have a will. Therefore our children will inherit our family home. Will I be able to get a mortgage on the property? We still owe around 60% of the value but do not have funds to pay this off. Our children are 8 and 3. Any advise is greatly received.

foxy-stoat

If you want to buy the property then you will unfortunately have to pay the market value not the 60% that is left on the mortgage.

You pay the 40% to your children, to be held in trust until their 18th birthday.

You should probably get some paid legal advise before doing anything.

Sorry for your loss by the way.

haras_nosirrah

I am sorry for your loss

I assume that there was no life insurance?

Was the property bought as joint tenants or tenants in common?

Dani_j89

No life insurance and he bought the house 7 years before we met. We have lived here together for 10 years.

dimbo61

Did your EX make a Will before you met ?
Does he have any brothers or sisters, Mum or Dad alive ?

Dani_j89

Would I be able to use their 40% as a deposit on a new place as obviously I have to provide for them for the next 15 years and they need a home.

Dani_j89

He's not my ex, he's my partner who's died. But yes he has a will but it's not signed, he died before he could sign it. He has a mother and father and a brother.

Linton

Its not clear from your postings as to who actually owned the house. You say "our family home" and "our mortgage" and "we still owe". On the other hand you also say that your partner bought the house 7 years before you met. Was the mortgage joint or just in your partners name? Was your name added to the deeds?

Dani_j89

I apologise. He owned the property soley but we have lived here as a family together for 10 years. It is all in his name.