Repossession if no financial interest

Sophierat

Hello all,

My mother in law passed away in October. Leaving no instructions or will. Our assumption currently is that the assets will be divided between her two sons, my husband and his brother.

The brother still lives in the property, however has no financial connection to the property, is unable to pay the rent or generally sustain living there. He has already recieved a letter to inform him that missed payments will affect his credit score (I can only assume because he is an executor, as he has no other financial interest in the property)

My question is, how long will the mortgage lender wait for a resolution before starting the repossession process? I am aware of a 12 month grace period, but as he is not the mortgage holder, would this apply to him?

My husband is keen to sell the property before this happens, however there are a lot of hurdles the brother presents to us whilst trying to sort everything out (mental health, money problem, state of the property etc)

I hope this makes sense, probate without the hurdles is confusing enough as it is!

Many thanks

RAS

Can you clarify

1. Is this shared ownership? You refer to rent and to a mortgage?
2. Has anyone spoken to the mortgage company and the landlord and told them MIL has died?
3. What's the rough value of the property in it's current state and how much is the mortgage?

Sophierat

@RAS

As far as I am aware:

1. MIL ex partner signed 'something' to waive his interest when they split, he was never on the original mortgage, but I believe had some kind of financial interest for extra money taken out for an extension. We can't seem to get much more information about this, and the solicitors have found no information either. The ex partner has not lived in the property, nor paid anything towards it for about 3 years

2. The mortgage company are aware of the death, they were notified through the tell us once service.

3. The remaining mortgage is for roughly £60k.
Zoopla estimates the house at £331k, however I don't truly trust these estimates. And taking into consideration the state of the property I would say maybe £290k but that is an uneducated guess. No has the means to take on the mortgage.

My information is sparse, because unfortunately, as many families do, there was a big fallout, and I have since detatched myself from the process, and am not involved. However seeing the stress my husband is being put through has driven me to try and find some sort of information that can help him to help his brother.

RAS

Has your husband downloaded the details of the property from the Land Registry? It costs £3 and if there are any second charges etc, they will be noted there.

gwynlas

So ech brother would end up with approx £130K would this purchase a one bed flat in the area? Have they applied for probate?/ If brother refuses to sell given he's had six months grace your husband could apply to the court to force sale, Not sure where ex partner comes into the equation unless he is owed money from the estate.

Marcon

Sophierat said:

@RAS

As far as I am aware:

1. MIL ex partner signed 'something' to waive his interest when they split, he was never on the original mortgage, but I believe had some kind of financial interest for extra money taken out for an extension. We can't seem to get much more information about this, and the solicitors have found no information either. The ex partner has not lived in the property, nor paid anything towards it for about 3 years

2. The mortgage company are aware of the death, they were notified through the tell us once service.

3. The remaining mortgage is for roughly £60k.
Zoopla estimates the house at £331k, however I don't truly trust these estimates. And taking into consideration the state of the property I would say maybe £290k but that is an uneducated guess. No has the means to take on the mortgage.

My information is sparse, because unfortunately, as many families do, there was a big fallout, and I have since detatched myself from the process, and am not involved. However seeing the stress my husband is being put through has driven me to try and find some sort of information that can help him to help his brother.

2. Are you sure? Tell us once only notifies government agencies - they won't know if there is a mortgage somewhere in the mix. This might be what you had in mind, possibly: https://www.deathnotificationservice.co.uk/

Sophierat said:

The brother still lives in the property, however has no financial connection to the property, is unable to pay the rent or generally sustain living there. He has already recieved a letter to inform him that missed payments will affect his credit score (I can only assume because he is an executor, as he has no other financial interest in the property)

My question is, how long will the mortgage lender wait for a resolution before starting the repossession process? I am aware of a 12 month grace period, but as he is not the mortgage holder, would this apply to him?

Do you know the precise terms of this particular mortgage - in particular what happens when the mortgage holder dies?