Inherited property worries

Mojisola

lorsferg said:

Thank you. This is what I initially thought but when I called solicitor dealing with estate, although she wouldn’t say very much, she did say that what we did with the flat once it’s ours is up to us which suggests that it will be transferred over with the payment charge in place, much like inheriting a flat with an outstanding mortgage and beneficiary decides to either get a new mortgage to pay off existing one or sell

Why don't you say that you don't want to take over ownership and that the executors should sell the flat?

Deenport

Mojisola said:

lorsferg said:

Thank you. This is what I initially thought but when I called solicitor dealing with estate, although she wouldn’t say very much, she did say that what we did with the flat once it’s ours is up to us which suggests that it will be transferred over with the payment charge in place, much like inheriting a flat with an outstanding mortgage and beneficiary decides to either get a new mortgage to pay off existing one or sell

Why don't you say that you don't want to take over ownership and that the executors should sell the flat?

Thank you. Will see what happens when solicitor writes to me. If that’s possible it might be the best option and simply give my resident brother the cash

getmore4less

If there are repayment conditions on the debt they should be similar to a mortgage that needs to be sorted out by the estate and not transfered.
Who is paying the bills on the property. 

Mickey666

Mojisola said:

lorsferg said:

Thank you. This is what I initially thought but when I called solicitor dealing with estate, although she wouldn’t say very much, she did say that what we did with the flat once it’s ours is up to us which suggests that it will be transferred over with the payment charge in place, much like inheriting a flat with an outstanding mortgage and beneficiary decides to either get a new mortgage to pay off existing one or sell

Why don't you say that you don't want to take over ownership and that the executors should sell the flat?

I agree.  But in practice, how could the executor transfer the flat anyway, if it would leave the estate owning money?   I know te executor COULD transfer the flat, but surely that would constitute serious mismanagement by the executor by leaving the estate with debts it couldn’t pay.  I don’t think a debt can be passed to a beneficiary anyway - at least not without their consent.  Actually, can a property be transferred to someone without their consent, ie signing something?
But all a bit academic really when the simplest thing is for the estate to deal with everything (sale, debts etc) and then distribute the residual amount according to the will.

Deenport

getmore4less said:

If there are repayment conditions on the debt they should be similar to a mortgage that needs to be sorted out by the estate and not transfered.
Who is paying the bills on the property. 

Unfortunately I just don’t know the answers as my brother who is the executor won’t tell me anything about it. Just keeps saying that the solicitor has all paperwork. But he is trying to scare other brother into moving out ASAP by saying that we have 30 days in which to sell flat or we are liable for the debt. I know this is untrue as he’s been saying same thing for months now but provides no evidence of this. Don’t know what he’s playing at TBH