Judgement Mortgage on inherited house

B

BGC

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Hi, first time poster!

I've inherited a house and land (there is more land on the original portfolio inherited by my brother) and would like to get a mortgage to do up the house. After speaking to BOI they said an equity release mortgage is the way to go.
Anyhow, there is a judgement mortgage (circa 35k) on the original portfolio ( ie. house and land). The JM is finished in October 2012. Should I wait until then to get the JM removed from my share or is it possible (or worth the hassle) to get the JM removed from my share now?

Any advice would be greatly appreciated
 
Should the executor of the estate not have paid the mortgage? It sounds as if it was a liability of the estate?

Brendan
 
There was no will & by law the portfolio was divided divided between us.
The JM was forced by my mams debt. She offered settlement but was refused & her solicitor told her to sit tight until the 12years have passed. Almost there. Could anything happen at this late stage?
 
Brendan, thanks for your quick response. Regarding the ins and outs of the JM, I'm not properly informed of the exact dealings with the original JM. I'd appreciate if anyone could respond to my original question ie should I wait until the 12 years are up (October) or remove the JM from my share now?
 
Hi BGC

Surely your mother owed this money, whether it's to the bank or whomever, whether it's 12 years old or not? The executor should have paid off her debts before distributing the assets.

Am I missing something?
 
Apologie Brendan, I haven't been clear enough!
The original portfolio was spilt between my mam, my brother and I. She is still alive! I wasn't clear about this! Sorry.
Hence, my question about removing JM!
 
You are missing one thing, Brendan: no will, therefore no executor. But that is relatively unimportant, because there has to be an administrator, and the administrator has to accept responsibility for discharging debts.

It looks to me as if BGC and his or her brother are undertaking a DIY operation without going through all the proper procedures. If that is a correct read, then there are greater impediments to getting a mortgage than an outstanding JM.

What financial institution would lend money to somebody who seems to be attempting to avoid paying an existing loan?

[Post overtaken by BGC's latest clarification: but it still looks like a very messy situation.]
 
The previous loan has nothing to do with me, so I'm just trying to clarify what I can do going forward? I've been left a house & I'd like to do it up, the only particulars I know is that there is a JM on all the property and it expires in October. Can I remove the JM from my share? That ultimately is what I'm trying to find out!
My mam was given legal advice regarding JM & to see out the 12years.
 
I am more confused that ever? Is this correct?

You and your mother and brother are the joint owners of a house. All three of you own the same house. It was left to you many years ago and at the time there was no mortgage on it.

Your mother didn't pay her debts, so the bank got a judgement order against her and registered it against her interest in the house.

So if you sell the house, your mother's share of the money would first have to be used to pay off her debts.

Brendan
 
No, When the land & house was divided, we all got our share each. It worked out that I got the house & small bit of land. Now this was only done recently (approx 2years ago.). Im 30 now. It was left until then because no-one had wanted to divide the portfolio until then.
Should the JM have been forced when the portfolio was divided? I'm now wondering has my Mams solicitor not divided the portfolio yet.
 
This seems to get messier with each post. You now seem to be telling us that your mother's personal debt was attached to an undistributed asset of your father's estate, and that the distribution seems to involve transferring that asset, burdened with that debt, to you.

I presume that your mother did not discharge the debt.
 
No definitely that would not have been her intention. I think we are going to have to speak to her solicitor to clarify this matter. Basically when the estate was divided (if the solicitor has done this at all) the debt should have been kept with my Mams share and not transferred to my share. Is that correct?

Thank you for your replies, I get the growing sense that my Mams solicitor has not been transparent and I don't have the full details.
 
If the JM is attached to the house, I can't see how it can be transferred to a different asset (but I have no expertise in the area).

Yes, it does sound as if you need a conversation with the solicitor, including getting an explanation of how the JM was attached to an undistributed asset of your father's estate.
 
Thanks for your help. Seems a bit of a mess alright. I just wanna get on with my life & do up the house.
Regardless of all the issues regarding the distribution of the estate (which will have to sorted properly once and for all), once the JM expires in October can the charge over the house/land be removed?
 
Hi BGC
I just wanna get on with my life & do up the house.
Click to expand...

You will have to sort out the mess first. Or, at least, clarify it.

I don't think that anyone can advise you given your description of what happened. If there is a judgement mortgage on this property, it is very unlikely that it is in your name. It must be in your mother's name.

Talk to the solicitor. If you don't understand what they tell you, then go to another solicitor to check that this was all done correctly.

Brendan
 
I've an appointment booked with the solicitor for Wednesday. We'll see where that takes us! Padraig & Brendan thanks for your help!
 
MrDerp;1268373 If you have a solicitor that usually rubber stamps conveyance said:
Not being sarcastic at all, as it is very messy, but that is very funny....
Click to expand...
 
MrDerp said:
If this appointment is with a solicitor with whom you consulted on any of the above, then I'd suggest you find a better solicitor.

You need an expert, as this all sounds very messy. .
Click to expand...


It does seem that you need a new solicitor.

I don't agree that you need an expert. Most competent solicitors should be able to resolve this for you.

The fundamental issue is that the bank was able to put a judgment mortgage on "your" house. This suggests to me that the property is not in your legal name but in your mother's name. She is just telling you that it's yours. From your description it sounds as if you have misunderstood the story, so the solicitor may well be doing a good job. Even so, it may be advisable for you to get your own solicitor as your interests are different from those of your mother and siblings.

Brendan
 
Ok, had the meeting this morning. The house/land is registered in my name now.
The JM is still registered on it. I saw the document, so it wasn't just what he was telling me.
Following this, the fundamental question I had was how did the JM go on the entire asset. The solicitor informed me that the JM went on the house/land in which my mother had an interest in. As the asset wasn't divided at that stage, the JM was drawn down on all the asset. Is this correct?
I guess the JM wasnt removed when the asset was divided as this would have been an acknowledgement of the debt, thus prolonging the JM? (The solicitor would have been working in my mothers interests)
 
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