Estate Property

iain625

Hi
I am administering a small (below IHT threshold) estate of a family member and there are insufficient cash balances to repay credit card debt. Can the credit card company force the sale of the estate property (flat with mortgage) in order to have their debt repaid?
Thanks!  

xylophone

Is the estate solvent?

iain625

xylophone said:

Is the estate solvent?

The equity in the property should cover the card debt, however it would depend on getting a good price for the property, which isn't guaranteed.
Cheers.

Keep_pedalling

If the property was not owned jointly with anyone else then unless the funds are raised elsewhere then yes the property will need to be sold to pay at least part of the unsecured debt from any equity in the flat. 

As executor you have a duty to pay any debt owed by the estate, if it comes down to the creditor having to force a sale you may find yourself responsible for any legal costs involved.
 

How do you propose to clear the secured debt on the flat?