Urgent Help Please

missk249

my mum has passed away and she has a mortgage on the property where i live.
I do not know what to do as I would not get a mortgage myself as i have had debt in the past, so I dont think I would get that option??
Can anyone advise me where I stand. The only debt outstanding is a loan, which I can pay off in full immediately, and as I am only recieving income support due to ill health as my only income, I can cope with living, but do not know where I stand with the house and so I am looking for any advice at all as what to do as the house has been in the family since it was built way back and I do not want to lose it.

Thanks in advance

michaels

Sorry to hear of your loss and the thought of being made homeless as well must be terrible.

Did your mum have a life insurance policy to cover the mortgage?

missk249

unfortunately there was no life policy, and one was never offered to her when she took out the mortgage.

Thanks

martinman3

I understand that this is a difficult time for you but some more info is required.

Is there any possibility of Inheritance Tax being applied to your mother's estate (Is her estate worth more than £300,000) ?
Did your mother have a will and did she leave the house to you alone ? Do you have brothers/sisters ?
I too doubt that you could get a mortgage in these times. Do you have any family members that you trust and either have the cash to redeem the mortgage or could get one themselves in exchange for a share of the property with the provision for you to live there as long as you wish ?

Trying_to_be_good

Very sorry for your loss and the situation you are finding yourself in. As martinman3 says, please give us as much info as possible for us to try and help.

Did you Mum have any policies that will pay out on her passing away? Were you classed as a dependent, and will any pension pass to you? How much (approximately) is the house worth, and how much was the mortgage for? Did your Mum pay the mortgage, or did you?

missk249

her only estate is the house anid 2 cars. so looking at around 130k max. there is only me and my sister but she is happy for me to have the house as it has been in the family.
I thought of the situation where someone in the family could buy the house to let to me as if I was a private tenant I would get help with my rent with my income being so low, so with the mortgage being so low, it could possibly be covered by the rent rebate from the local authority, but what i want to know is, is this generally allowed?

Trying_to_be_good

If someone else is willing to buy the property they can, but it's not necesssarily straigh forward.

Did your Mum leave a will? Is your sister really not wanting anything from the value/equity in the house? Do you know how much the mortgage is for?

We can only help if we know the answers to these questions, we're not just being nosy (honest).

missk249

she does not want the house. she would rather i had it, as it stays in the family. the mortgage was for £50k plus interest (which i do not know how much this was, over 20 yrs, and only 1 yr has passed)
It would probably be her that took the mortgage out at the end of the day if this was the way forward, so this would mean she still had part of it at the end of it all.

I know you arent being nosey, and I appreciate all the advice. thanks

UK007BullDog

But did your mom leave a will?

missk249

oh, and sorry, there was no will.
She has onelife policy worth around 3k, I dont know if i would be classed as a dependant, but always was and always lived here. she cared for me through illnesses etc. I do not think her NHS pension would pass to me, i presume this would stop on her death. My mum paid the mortgage and all other bills. and when house was valued last year it was worth 100k, but there has been improvements, and houses in area have risen in value, so roughly around 115k it would be worth now i think.

UK007BullDog

I think you need professional help. I think you need to see CAB to help you with all of this.

Or maybe some other charitable organisation who can help you with this.

Anyone else got any ideas?