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Inherit house I live in

shell18
Posts: 11 Forumite


Hi, my family and I live with my elderly aunt. The house has a mortgage in my aunts name. I will inherit the house when she passes (she is quite unwell with an incurable illness). We don't have any formal rental agreement in place but we pay all the mortgage and 50/50 household bills. If she passes, can we carry on living in the house until we either sell it or get our own mortgage on it or will be "evicted"? Should we get an official rental agreement in place? Should I try and get my own mortgage on the house before she passes? Is there anything else I need to be mindful of? Sorry if this post sounds insensitive but I need to plan just in case. Thanks.
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I don't know the answer, but just to say it's not insensitive to be informed. Of course you all need to plan - there will be enough upset and dealings with the funeral without also being concerned about the roof over your head.I suspect, since she's presumably covered this in her will, that you'll be fine, but hopefully others will have more info.1
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ThisIsWeird said:I don't know the answer, but just to say it's not insensitive to be informed. Of course you all need to plan - there will be enough upset and dealings with the funeral without also be concerned about the roof over your head.I suspect, since she's presumably covered this in her will, that you'll be fine, but hopefully others will have more info.1
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No you don’t need a rental agreement, who do you think will evict you? Who has she appointed as executors of the will?
Her mortgage provider will need to be notified of her death, at which point payments will stop. Once probate has been obtained the mortgage will need to be payed off either through sale of the house or by the executor / beneficiary paying it off.4 -
Keep_pedalling said:No you don’t need a rental agreement, who do you think will evict you? Who has she appointed as executors of the will?
Her mortgage provider will need to be notified of her death, at which point payments will stop. Once probate has been obtained the mortgage will need to be payed off either through sale of the house or by the executor / beneficiary paying it off.0 -
As it stands you have a valid tenancy agreement (verbal contracts can exist), so evicting you would actually be fairly difficult. No sane person would buy a property with an existing tenant and no information documenting the agreement, so realistically that leaves either you purchasing the property with a mortgage, or the bank forecloses on the property and you get kicked out that way. They will have a process in place for deaths but as long as the estate keeps up on it's obligations for repayments I can't see them trying to go down that route.
Ideally the estate will sell the property to you when she passes. Definitely doesn't hurt to explore your options now, potentially looking to get advice from brokers on the best mortgage options for you, but I wouldn't lock anything in until it's required.0 -
You (as executor) will need to repay her mortgage (and any other debts of the estate) - if you can get your own mortgage then that's the simplest way of doing so.0
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shell18 said:Keep_pedalling said:No you don’t need a rental agreement, who do you think will evict you? Who has she appointed as executors of the will?
Her mortgage provider will need to be notified of her death, at which point payments will stop. Once probate has been obtained the mortgage will need to be payed off either through sale of the house or by the executor / beneficiary paying it off.The other issue you might face will be IHT if her estate is in excess of £325k (£650k if she is a widow)0 -
shell18 said:Keep_pedalling said:No you don’t need a rental agreement, who do you think will evict you? Who has she appointed as executors of the will?
Her mortgage provider will need to be notified of her death, at which point payments will stop. Once probate has been obtained the mortgage will need to be payed off either through sale of the house or by the executor / beneficiary paying it off.
I noticed two conflicting comments in the posts about what happens about the mortgage payments when she dies.
'Her mortgage provider will need to be notified of her death, at which point payments will stop'
They will have a process in place for deaths but as long as the estate keeps up on it's obligations for repayments I can't see them trying to go down that route.
You will need some clarification on that ( I do not know the answer) .2 -
Albermarle said:shell18 said:Keep_pedalling said:No you don’t need a rental agreement, who do you think will evict you? Who has she appointed as executors of the will?
Her mortgage provider will need to be notified of her death, at which point payments will stop. Once probate has been obtained the mortgage will need to be payed off either through sale of the house or by the executor / beneficiary paying it off.
'Her mortgage provider will need to be notified of her death, at which point payments will stop'
They will have a process in place for deaths but as long as the estate keeps up on it's obligations for repayments I can't see them trying to go down that route.
You will need some clarification on that ( I do not know the answer) .2 -
Thank you all for your comments. I appreciate you taking the time to offer advice0
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