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james bruce
james bruce, Solicitor-Advocate
Category: Law
Satisfied Customers: 4459
Experience:  Owner at James Bruce Solicitors
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My aunt has left me and her granddaughter in her will, We

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My aunt has left me and her granddaughter in her will, We didn’t know that she took out an equity mortgage in 2007 of £48,000 and now she owes £116,500, Her bungalow is probably not worth much more than that, if when she passes away the amount is more than her bungalow is worth would myself and her granddaughter by liable for the debt
JA: Where is this? It matters because laws vary by location.
Customer: Thetford Norfolk
JA: What steps have been taken so far?
Customer: None
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I don’t think so

Hello, I hope you are well. My name is***** am a solicitor advocate and I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter.

Customer: replied 8 days ago.
Thank you

Just to clarify, the property will be left to two of you in the will?

Customer: replied 8 days ago.
I cannot afford that amount, it said I would only pay £5 for 7 days
Customer: replied 8 days ago.
two of us
Customer: replied 8 days ago.
Are you still there?

Sorry call offers are auto generated from the site, not from me. I am currently unavailable for calls, but more than happy to continue here.

Customer: replied 8 days ago.
That’s perfect

If the property is to be inherited in a will, then before that would take place, any mortgage outstanding would need to be settled, along with all other debts.

If there is insufficient funds in the estate to settle everything, then the property would need to be sold to settled the estate, then you would inherit what is left. The debts would not be yours personally the6 belong to the estate.

Customer: replied 8 days ago.
That’s what I needed to know. One thing about the Equity mortgage she took out she was 72 years old should they have been allowed to do that at her age with it ending up well over double what she borrowed?

Whether they should or not is something I cannot answer. There is no age limit legally to loan.

Customer: replied 8 days ago.
Ok that’s cleared that up.
Thank you for your help. If I have other questions that I think of do I just send another message?

Thank you for using Just Answer and for allowing me to assist you with your legal enquiry. I am pleased I was able to be of assistance. Please do not hesitate to come back to me for further advice on this or any other legal matter. It will be my pleasure to be able to assist you again.

Customer: replied 8 days ago.
Thank you James

Your very welcome.

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