Leasehold outstanding debt

kerry13238

Hey, I was wondering if anyone can help. We inherited a property and there is no money in the estate, we are going to get a buy to let mortgage debt to pay off the outstanding mortgage debt.
The leasehold is owed £1300 and they keep saying its for us to pay, probate was complete on the 22nd of November but atm the property is still in the deceased person's name. 
What should we be paying as the debt is up until Dec 2020? They are saying we inherit the debt

naedanger

kerry13238 said:

Hey, I was wondering if anyone can help. We inherited a property and there is no money in the estate, we are going to get a buy to let mortgage debt to pay off the outstanding mortgage debt.
The leasehold is owed £1300 and they keep saying its for us to pay, probate was complete on the 22nd of November but atm the property is still in the deceased person's name. 
What should we be paying as the debt is up until Dec 2020? They are saying we inherit the debt

The most likely situation is you owe the debt. (Debts should be met from an estate before assets, such as a house, are distributed.)

Who is the executor? Speak to them and ask if the debt has been repaid, and if not who is liable to pay it. I suspect they will say as you are the only beneficiary and there is no other money either you pay the debt or the house is sold and you will inherit the proceeds after all debt is repaid.

kerry13238

I am  the executor 

naedanger

kerry13238 said:

I am  the executor 

So you need to pay all the bills before you can distribute the assets, or distribute the house on the understanding you are still liable for any future bills from the estate.

getmore4less

You did not inherit a lease(property) as that has a mortgage on it which is a secured debt that takes priority over all other costs(up to the value of that lease).

What you inherit is the equity left after the mortgage is paid  and all other debts the estate have been paid 

Marcon

kerry13238 said:

I am  the executor 

Probably a good idea to get some proper professional advice before doing anything else. 

Keep_pedalling

On a separate point, unless you have previous experience of being a landlord, I would think very carefully about taking that on especially as joint owners.