Changing names on mortgage

[confused21]

My mother is deceased and soon I will have letters of administration to her estate, I am looking to find out whether I can just change the mortgage she had into my name and continue to pay it (as I am at the moment) or do I need mortgage approval to take it on? Very confused on this issue, if anybody could clarify that would be very helpful.

Thanks

 

[wbbs]

I am sorry for your loss. This is an awkward one, I am assuming there was no life cover in force, the bank will not be able to just change the name on the mortgage, they will need to do a new mortgage in your name and clear the existing one. Are you working? is there any reason why you would not qualify for the mortgage needed although it is in their best interest to grant you the mortgage if you are already paying the repayments anyway.

Best to talk to them to see what their policy is going to be in this case, then you can decide how to proceed, you may need to get further advice depending on their attitude.

 

[mf1]

"I have just taken over the mortgage repayments after long discussions with the mortgage provider. The mortgage is the only debt but there is no other equity. Does this mean that when I get letters of administration I will have to sell my home to pay the mortgage off in full? Judging by the meetings I have held with the bank so far they are more than happy to change it to my name in due course as long as payments are always met. This is such a confusing issue!! "

This is your query. You have not referred to other family members so there is an assumption (right or wrong) that you are an only child of a widowed/single mother.

You live in a house owned by your deceased mother. There was and is a mortgage on the property. Your mother died. There was no life cover. So there is an asset in the estate ( a house) and a debt ( the mortgage).

You say that the bank "are more than happy to change it to my name in due course as long as payments are always met."

There are a number of legal mechanisms for achieving the end result - house in your name, old mortgage/ new mortgage in your name and it is a matter of finding the most effective / simplest / acceptable way of dealing with it, from the Bank's perspective.

You need to talk to a solicitor to effect this. You may be able to deal with the Grant of Administration yourself. You do not have the skills to deal with conveyancing issues and
the matters of independent legal advice.

mf