Mortgages After Probate?

AnnieMouse500

Hello, 

I'm just needing a little advice really. My mother passed away in November and last week I was (finally) granted probate on the estate. 
I thought the mortgage would be a simple matter of just signing it over to my name and carrying on paying as I have but I have been told that it will count as a remortgage and I will have to get a solicitor involved. I have managed to get to this point without any lawyers/solicitors so I was really hoping to not have to go through that added expense. 

My question is; there is a relatively small amount remaining on the mortgage. If I say, got a loan to wipe out the mortgage instead of remorgaging, what steps would be left to finalise the rest? I know I'd have to send off proof/forms to Land Registry to update the deeds, but I was wondering if there are any other things I hadn't taken into account?

Thank you all for taking your time to come and read this, and hopefully lend your expertise. 

born_again

Are you the only beneficiary of the estate?

AnnieMouse500

born_again said:

Are you the only beneficiary of the estate?

I am the only person inheriting the house, yes. Thank you.

Hoenir

AnnieMouse500 said:

I thought the mortgage would be a simple matter of just signing it over to my name and carrying on paying as I have

No. You will need to apply for a mortgage in your own name. Until the property is sold /transferred it remains within the late deceased's estate. 

AnnieMouse500

Hoenir said:

AnnieMouse500 said:

I thought the mortgage would be a simple matter of just signing it over to my name and carrying on paying as I have

No. You will need to apply for a mortgage in your own name. Until the property is sold /transferred it remains within the late deceased's estate. 

The bank has given me the option to clear the remainder of the mortgage now rather than remortgage. 
My question was, what would the next step be if I did that? Just a deed change or are there other steps?

peb

If you as executor can clear the mortgage from the estate then do that then as assent , you'll need a ID1 if you aren't involving a solicitor.

If you are borrowing money so that you are clearing the mortgage then you simultaneously redeem the mortgage and assent the property to you.  Again you will need an ID1.

You will need to ensure that the lender will deal with you, accept the money directly from you and confirm discharge to you as well as remove the charge.

You cannot take over an existing mortgage, you may be able to "take over" the product depending on the lender