I apologise in advance for what may be stupid questions to ask; I, unfortunately, do not understand anything about how this sort of thing works and I did not envisage having to deal with this situation.
My mum died intestate and has left an amount of debt totalling to around £65,000, of which around £37,000 is the mortgage on her house.
I am her only child and she died single so I have been made the executor of her estate. I have had her house valued at £105,000.
I would like to move into the property. I have had bad credit in the past (defaulted on an account as recently as three years ago) but am now debt-free and currently have £30,000 in savings.
Providing I can get a mortgage with a deposit of £30,000, would I have to buy the house for £105,000 as per the valuation? Would this not mean that as the sole beneficiary of the estate, once the property has been sold and the debts have been paid, the remaining money from the sale (around £30,000 to £40,000) would just be given back to me?