Charging order on late mums property

kris80

Carrot007 said:

kris80 said:

Well that’s the worst statement. 
What an awful thing to state that people can’t improve! 

The mortgage broker is free.
not hope it’s what they’ve agreed. The family home is worth way more than money. 

Thanks again for reading more into what was said than was actually said.

And yes people often have silly feelings about bricks and mortar over what is important.

Hope it all works out, I'm outta here.

Family home, silly feelings???? You have no idea. What you said was perfectly clear!

anselld

kris80 said:

Carrot007 said:

kris80 said:

Well that’s the worst statement. 
What an awful thing to state that people can’t improve! 

The mortgage broker is free.
not hope it’s what they’ve agreed. The family home is worth way more than money. 

Thanks again for reading more into what was said than was actually said.

And yes people often have silly feelings about bricks and mortar over what is important.

Hope it all works out, I'm outta here.

Family home, silly feelings???? You have no idea. What you said was perfectly clear!

You are proposing to get out of debt problems by taking on more debt, with further debt to follow in a year or so.

The fact that it is to secure the family home does make this a worthy strategy, but Carrot was pointing out that it has inherent risks.  You say your salary is good, so you could have addressed your debt before now but you chose not to.

I do hope it works out for you but you need to proceed with some caution.

greatcrested

You need to take off your personal hat.

You are applying to administer the Estate so you must put on an Administrator's hat.

Your personal finances are irrelevant. So are your personal ambitions regarding the property and anything else.

You have a legal and moral duty to administer the Estate in an objective and professional manner. If you cannot do that, do not apply.

You must do everything in your power as Administrator to redeem all the Estate's debts and maximise the Estate's assets.

That means selling the property at the best possible price, whether that be to a stranger or yourself. Anything less would be fraud.

Marvel1

lou2020 said:

Carrot007 said:

kris80 said:

I did not say I was offering them nothing. That’s why I would remortgage!
My broker and quite a few on here have advised that after a year my credit rating will improve so I would be in a better position to apply for the remaining equity. That will be used to pay off siblings. And no there are no more debts just a bad situation I got myself into.
Also my income is now pretty good and will continue to go up every year 👍 so I don’t plan on dying (this has got to be the worst of all the advice I’ve had on here).

It was not advice. It was a question.

Mosrt often people with a bad debt history have their head buried in the sand and will promise everything to everyone else "later". Later never comes.

Maybe you will get there, but for a lot of people however much they earn they can find ways to still use all of it and more. Lerning to not be in debt is a lot more than getting a better income.

It may improve, it depends on a lot of things. I hopw you went for an independant whole market broker that charges nothing (if kickback) or no more than £300 (and that is a high value but loads are much more) if not. Otherwise seek a new broker.

Just make suer both you and them realise you are offering them a hope, nothing more right now.

Carrot007- how very rude of you! This woman has clearly just lost her mother and has been left in a very awkward situation and by her comments we can all see that she is clearly struggling. How very inconsiderate of you to comment such bizzare things. How would you know if Kris80 was not going to pay to her siblings. Unless the shoe fits to you. However it may not fit to her. We do not know the circumstances of her late mothers death therefore the lady could of died suddenly so who are you to Judge. Kris80 I think your doing a great job and should go with other people’s advice please ignore carrot007. 

Signs up at 6:37, just to post this and assumes OP is female, ok then.

kris80

anselld said:

kris80 said:

Carrot007 said:

kris80 said:

Well that’s the worst statement. 
What an awful thing to state that people can’t improve! 

The mortgage broker is free.
not hope it’s what they’ve agreed. The family home is worth way more than money. 

Thanks again for reading more into what was said than was actually said.

And yes people often have silly feelings about bricks and mortar over what is important.

Hope it all works out, I'm outta here.

Family home, silly feelings???? You have no idea. What you said was perfectly clear!

You are proposing to get out of debt problems by taking on more debt, with further debt to follow in a year or so.

The fact that it is to secure the family home does make this a worthy strategy, but Carrot was pointing out that it has inherent risks.  You say your salary is good, so you could have addressed your debt before now but you chose not to.

I do hope it works out for you but you need to proceed with some caution.

The debt problems I have will obviously be paid then. Also I was waiting my money and spending beyond means which I am now not doing.
carrot007 seemed to have a problem with inheritance when I repeatedly said what was happening with that. She/he then went on to say someone whose suffered debt can’t escape it. My original question on this thread was about charges on land registry. I appreciate all the other comments but I feel she/he was taking some frustration out on me when she/he has no idea of the situation. 
My siblings are happy to wait for me to secure the house and then deal with inheritance later. They of course expect some inheritance but do not want an equal split. They understand I have contributed to mortgage, upkeep, repairs, improvements.

kris80

Marvel1 said:

lou2020 said:

Carrot007 said:

kris80 said:

I did not say I was offering them nothing. That’s why I would remortgage!
My broker and quite a few on here have advised that after a year my credit rating will improve so I would be in a better position to apply for the remaining equity. That will be used to pay off siblings. And no there are no more debts just a bad situation I got myself into.
Also my income is now pretty good and will continue to go up every year 👍 so I don’t plan on dying (this has got to be the worst of all the advice I’ve had on here).

It was not advice. It was a question.

Mosrt often people with a bad debt history have their head buried in the sand and will promise everything to everyone else "later". Later never comes.

Maybe you will get there, but for a lot of people however much they earn they can find ways to still use all of it and more. Lerning to not be in debt is a lot more than getting a better income.

It may improve, it depends on a lot of things. I hopw you went for an independant whole market broker that charges nothing (if kickback) or no more than £300 (and that is a high value but loads are much more) if not. Otherwise seek a new broker.

Just make suer both you and them realise you are offering them a hope, nothing more right now.

Carrot007- how very rude of you! This woman has clearly just lost her mother and has been left in a very awkward situation and by her comments we can all see that she is clearly struggling. How very inconsiderate of you to comment such bizzare things. How would you know if Kris80 was not going to pay to her siblings. Unless the shoe fits to you. However it may not fit to her. We do not know the circumstances of her late mothers death therefore the lady could of died suddenly so who are you to Judge. Kris80 I think your doing a great job and should go with other people’s advice please ignore carrot007. 

Signs up at 6:37, just to post this and assumes OP is female, ok then.

To be fair I was writing her too regarding carrot007. I changed to she/he when a read your post. 

macman

So exactly what inheritance do your siblings want, and by when? This needs to be nailed down with a written agreement before you go any further. IMHO you are skating on very thin legal and financial ice here: your duties as Administrator are clear and legally binding, and do not allow you to do other than to pay the debts of the estate before any distribution of assets is made. Those assets must then be distributed according to the laws of intestacy, not according to the wishes of you or your late mother, which means an even 3 way split. 
Given that she knew about the charging order, I'm puzzled that she did not make a will clarifying her wishes re the division of assets in these circumstances.
What makes you so confident that you can add and service an additional £34K or so to the mortgage within a year?

kris80

macman said:

So exactly what inheritance do your siblings want, and by when? This needs to be nailed down with a written agreement before you go any further. IMHO you are skating on very thin legal and financial ice here: your duties as Administrator are clear and legally binding, and do not allow you to do other than to pay the debts of the estate before any distribution of assets is made. Those assets must then be distributed according to the laws of intestacy, not according to the wishes of you or your late mother, which means an even 3 way split. 
Given that she knew about the charging order, I'm puzzled that she did not make a will clarifying her wishes re the division of assets in these circumstances.
What makes you so confident that you can add and service an additional £34K or so to the mortgage within a year?

My duty as the administrator is exactly what am doing. Clearing the outstanding mortgage and the chargers.
I will be able to add 34k or so once I’ve shown my commitment to repaying. 

macman

No, it is not. You have a duty to maximise and liquidate the assets, pay the debts and distribute as required under intestacy. Your siblings are of course able to in effect gift some or all of their share back to you, but that would require their express agreement and needs to be legally drawn up so that it is binding-not something you can do yourself. The fact that you have contributed to the upkeep of the property over the years has no bearing on this division of assets.
Please don't make the mistake of thinking that, 'because it's family', no formal agreement is required, because we've seen how often on here that results in bitter disputes further down the line.
The only way that the rights of your siblings will be protected here is possibly if a further charging order is held by them over the property, should you be unable to repay them in the agreed period. You need to take professional legal advice.

[Deleted User]

The problem is, the charge order is there partly because of your debts.  This raised concerns and efforts have been made to give you the right advice to save you experiencing terrible problems later on.

Please get legal advice.  You need to be able to show you have managed the estate in a fair and impartial way.  I'm afraid the way you are proposing to do things is not.  Not saying you are trying to do something fraudulently, obviously but you are leaving yourself wide open to these accusations.  We are trying to warn you about this risk. I realise its not what you want to hear, but you really really do need to take a step back, remove your emotions and reassess your position.  Please.

I mean, what happens if for reasons not under your control you lose your job over the next year? Its not exactly an uncommon thing right now.  How long will your relatives wait before they start to wonder if they are being taken advantage of?  Not saying you will do it deliberately, but I know from experience we tend to be optimistic when estimating time it will take to put financial matters right again.  And not allow for things going wrong. we learn these things the hard way lol.