Should I pay off mortgage left by ex partner ?

Scrapster

My ex partner sadly died and left the house in trust to our two children for when they are older and left 50 k to me on the sale of the property (we were in good terms and I looked after him until the end ). There is 39 k mortgage balance on a prooert worth about 200k or more once some repairs are.made as it needs some TLC. Can I , and should I, pay off the mortgage so that the property can be fixed up and sold at a later date or rented out and go up in value as the children can't access it until they're 25. I am a joint executor of the will. Should we just sell it ? I have the funds to buy it but am not sure how this would affect me innterms if tax but my main priority is providing for our two children. Many thanks in advance for your advice. 

missile

You might not be able to sell the property as it is in trust?
Who is other executor?
I think you need "good" legal advice. Perhaps your house insurance includes legal advice? Most solicitors offer a free initial consultation.

getmore4less

The estate does not contain the whole house because there is a mortgage.

The estate only contains the equity.

If you pay it off you should own that part of the house.

What sort of trust who lives in the house 

How old are the kids

dimbo61

You really need a solicitor to see what the trust means.
Your kids age ? Where do they live ?
Where do you live ?
Where will you live if the house is sold.
Your income, age, job, equity in the property , credit score and long term plans 

MalMonroe

Hi, I'm very sorry for your loss.

I think this is a bigger issue than many of us on here can advise on. There seem to be many things to consider such as - was your ex-partner the sole owner of the house? It seems that way, as he has left it to your children. He has left £50k to you - but after the sale of the house which cannot be sold until your children are 25.

You may even have to contest the will as it seems that no-one in your family will be able to benefit from it until your children are 25 - and you obviously need some capital now. 

Didn't your ex have any life insurance to pay off the mortgage when he died?

As others have said, you do need some legal advice. There's some brief information in this link -

https://www.moneyadviceservice.org.uk/en/articles/sorting-out-the-estate-when-there-is-a-will

As missile asks, who is the other executor? You should have a talk with them about this but also see if you can have one of those free initial consultations with a solicitor.