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Hi Everybody,
I was wondering if somebody can please assist me in this very difficult situation.
Would just like to point that I have not taken any advise form Solicitors or lawyers yet however I do intend to.
I am currently the executor of my fathers will, he passed away some 2 years ago and I have just had the chance and courage to start the process of applying for the probate and possibly execute his will.
The only estate is the family home that we are currently living in which is in joint mortgage (mum and dad). My mum is suggesting we sell the property pay off the mortgage and move to a rented property for the time being.
The problem I have is that there are currently 2 charges for vehicle finance attached or registered at the Land Registry. Both the creditors have "forgotten" or not chased for them. I guess they have the charge so they are not worried. (I used to deal with my dads finances when he was alive).
The problem I have was that I would have liked to clear the debts before putting the property on the market as I believe I can obtain a lower settlement figure (or a discount) if I were to clear the debt without even giving them a sniff of the idea of selling the property.
1) Can somebody tell me if they have had a similar situation in which they have obtained a discount to pay off the debt
2) Do I need to get in touch with the mortgage company and notify them of the death and for the time being my mother is happy to make the payments (no arrears)
3) If there are charges on the property does the creditor need to agree to the sale of the house without clearing the outstanding debt?
4) What is the process of transferring the house to my mother at Land Registry?
The reason I am hoping to clear the debts at a lower amount is that otherwise we wont have anything left after the selling the house.
I would appreciate any help or direction in this matter.
Thank you
I was wondering if somebody can please assist me in this very difficult situation.
Would just like to point that I have not taken any advise form Solicitors or lawyers yet however I do intend to.
I am currently the executor of my fathers will, he passed away some 2 years ago and I have just had the chance and courage to start the process of applying for the probate and possibly execute his will.
The only estate is the family home that we are currently living in which is in joint mortgage (mum and dad). My mum is suggesting we sell the property pay off the mortgage and move to a rented property for the time being.
The problem I have is that there are currently 2 charges for vehicle finance attached or registered at the Land Registry. Both the creditors have "forgotten" or not chased for them. I guess they have the charge so they are not worried. (I used to deal with my dads finances when he was alive).
The problem I have was that I would have liked to clear the debts before putting the property on the market as I believe I can obtain a lower settlement figure (or a discount) if I were to clear the debt without even giving them a sniff of the idea of selling the property.
1) Can somebody tell me if they have had a similar situation in which they have obtained a discount to pay off the debt
2) Do I need to get in touch with the mortgage company and notify them of the death and for the time being my mother is happy to make the payments (no arrears)
3) If there are charges on the property does the creditor need to agree to the sale of the house without clearing the outstanding debt?
4) What is the process of transferring the house to my mother at Land Registry?
The reason I am hoping to clear the debts at a lower amount is that otherwise we wont have anything left after the selling the house.
I would appreciate any help or direction in this matter.
Thank you
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