Parent deceased -only child help please where to start!!

777birdy

Hi 
Only child and parent has passed away leaving a mortgaged property.
 So far death has been registered
 banks informed 
Post redirected
Pensions advised 
Tell us once done 
Funeral arranged 

Someone a  non relative has been staying at property but will be moving out bills too much and there is mortgage outstanding.
Waiting for banks /mortgage company to advise of balances /debts 
What generally are the choices or what  happens ? 

I'm guessing I'm going to need to take out mortgage to cover their outstanding mortgage , so do I have to pay any/stamp duty/ fees /taxes estate will be under £230k as I already have my own mortgaged property 

Does it all then just get sent to me or will I have to go through probate.
Do I have to inform inland revenue act 

Up the wall anyway so trying to make sure I don't do anything wrong or miss anything 

Thanks in advance 

Alderbank

To clarify, you are the only child and your widowed parent has passed away?

Sorry for your loss.

Nothing automatically gets sent to you.

• Did your parent leave a will? If so, are you named as executor?
• If no will which country did your parent live in?
• Did your parent live in the house or rent it out?
• Is the non-relative at the property your parent's former partner, a lodger or a tenant?

Marcon

777birdy said:

Hi 
Only child and parent has passed away leaving a mortgaged property.
 So far death has been registered
 banks informed 
Post redirected
Pensions advised 
Tell us once done 
Funeral arranged 

Someone a  non relative has been staying at property but will be moving out bills too much and there is mortgage outstanding.
Waiting for banks /mortgage company to advise of balances /debts 
What generally are the choices or what  happens ? 

I'm guessing I'm going to need to take out mortgage to cover their outstanding mortgage , so do I have to pay any/stamp duty/ fees /taxes estate will be under £230k as I already have my own mortgaged property 

Does it all then just get sent to me or will I have to go through probate.
Do I have to inform inland revenue act 

Up the wall anyway so trying to make sure I don't do anything wrong or miss anything 

Thanks in advance 

Yes, probate will be needed in due course, even though there is no IHT payable.

You'll need to check the terms of the existing mortgage and whether there is any life cover or similar to pay it off now that your parent has died. You would only need to take out a mortgage for the property you are inheriting if you intend to keep it - and, of course, you will need to meet the criteria to take out another mortgage on top of your own mortgage on your property.

Most of all, take a deep breath, come down from the wall and give yourself space to grieve. The only urgent bit is the funeral, which you've already arranged. Everything else can wait. Then take a look at https://www.gov.uk/when-someone-dies

Keep_pedalling

You need to inform the mortgage company and they will suspend payments until you are in a position to pay off the outstanding mortgage, either from the proceeds of its sale or a a new mortgage if you want to keep the house.

Although payments will be suspended interest will keep accruing until it is payed off. 

poppystar

Ensuring the property has insurance that is still valid is a priority too. Most policies will lapse shortly after the holder dies. The current insurers may offer ongoing insurance. If there is a non relative there do ensure the policy is suitable for that arrangement. If the property will remain empty for some while best to get specialist insurance. 

Sea_Shell

From your earlier thread...

Have you resolved the issue of his partner?

Have they agreed to move out without fuss?

How did they take the news that they are not set to inherit?

Flugelhorn

Are you planning to keep the property? If not then why are you looking at getting a mortgage etc to pay off the current mortgage - most people in this situation would get probate, sell the property, pay off the debts ie the old mortgage and that is that