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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70213
Experience:  Over 5 years in practice
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if you are an executor of a house am I legally in the right

Customer Question

if you are an executor of a house am I legally in the right to pay a mortgage on an exixting property?
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
-Could you explain your situation a little more?
Customer: replied 2 years ago.

my husband died 3 years ago and he had his own house now he has died im continuing with his mortgage as I am executor off this property the bank are requesting full payment off the mortgage. His life policy was not connected to the mortgage

Expert:  Jo C. replied 2 years ago.
Thanks
Unfortunately, the mortgage comes to an end when the borrower dies. The whole amount of money becomes due. You therefore have no option either to remortgage the house in your own name (if you are the beneficiary) or repay the mortgage from other assets or sell the property.
The mortgage company are actually correct in what they are doing.
I am sorry if that answer is unfavourable for you.
Can I clarify anything for you?
Jo
Jo C. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you however I don't want the house could I give the keys back to the mortgage company?


The house is in wales I live in northern Ireland and my name is not on the deeds

Expert:  Jo C. replied 2 years ago.
You can simply let the lender have possession by giving them the keys although if your husband left any other assets, if there is a shortfall on the mortgage after its repossessed and sold by the lender, they can pursue your husband's estate for the debt.
Customer: replied 2 years ago.

The property will not be in negative equity I just don't want the hassle with the house but I don't want to have bad credit or any thing that would effect me . im struggling to pay my own mortgage without additional worries

Expert:  Jo C. replied 2 years ago.
It may not be in negative equity now but by the time the legal costs have been taken into account and it is sold, often at auction, there will be thousands and thousands of pounds of costs on this and therefore there could well be a shortfall even though you think there may not be. It is not your house however and it will not affect your credit rating.
You would be better simply putting it in the hands of an estate agent and telling them to deal with everything.
Customer: replied 2 years ago.

ok Thank you

Expert:  Jo C. replied 2 years ago.
No problem and all the best.

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