Questions and Info relating to Property Issues inc, Charging Orders and Repossession

Moderators: TalbotWoods, JaneClack

By Tilly
#464533 Please please could someone give me some advise. 18 months ago a relation died, I am next of kin, beneficiary, and executor of her estate. she died having purchased a 50% share in a property in the 90's. There is roughly 20k still outstanding on the mortgage. And the bank have been patient for the past 18 months whilst I've had the share on the open market. I have reduced the price 3 times, and redecorated it throughout, but can't seem to get the sale through to completion. Offers are made then when they find out about rents etc, they withdraw. The housing assosication have done nothing to help me sell, promising me 3 times to put it on their web-site, but 18 months on still nothing. The bank have now said they are seeking repossession for the second time last 6 months. The housing association are also mounting the rent up, this is now just under 5k, for an empty property for gods sake!! There are other debts, funeral director, c card, gas electric, which would all be paid once the house sells, which doesn't look like it's going to happen. I have been told the debts are not tied to me personally, they are the estates. But I can't cope with the stress of it all. What happens if I tell the bank to take it??? How do they reposess 50% share of a house?? Please help
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By TalbotWoods
#464563 Hi and Welcome

There are several issues here that worry me a little bit.

:arrow: How much Equity is there in the mortgaged part of the house?
:arrow: Is the property an older persons property?
:arrow: You say there is about £5K owing in rent, have the HA issued a money judgement order for that outstanding money?
:arrow: You say there are other debts, such as the Funeral Director, roughly how much in total?
:arrow: If you were to sell the property, roughly how much would all the solicitors fees, etc cost on top of the sale.

What I am angling at, is if there is any equity in the property LESS ALL debts (include about another three months) LESS any legal fees etc = ??

As to reprocessing the property, unfortunately this happens oh to frequently. Either the bank can reposes for mortgage arrears (then the HA and the Bank jointly sell the property) OR the HA can reposes (with loss of equity) for rent arrears

Tim
By Tilly
#464673 Hi Tim

The outstanding mortgage is 17K with interest now being added. 7K in rent arrears and c-card debts. 3.5K funeral bill. all together everything comes to about 37k, but that includes my 5k (estimated) solicitors bill. so based on the most recent valuation it should leave about 7k left on the 50% share. the house has a total value of 90K. There is no age restriction set on the property. No judgement has been issued for the rent, but my solicitor told me that the debts were tied to the estate and not me personally. ??. I have the 5k solicitors fee's, the £600 HA solicitors fees, 2k estate agent fee's. I have already had to pay out for redecorating, boiler test, survey fee's. trying to sell this property is costing me money. My solicitor told me yest that the bank would prob look at buying the HA 50% and put it to auction along with my 50%. After almost 2 years I cant take much more of the stress. I just want to know there is a light at the end of the dark tunnel. I didn't ask for this, and yet either way I could be left with 5K solicitors fees. This is now affecting my marriage too. Kind reagrds