Springsteen
Registered User
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I would be in a similar position with several rental properties, no mortgage protection on any of them and very good ECB trackers and good rental income on all of them. If I died would my partner(not married)/kids be in a worse position. Could my estate keep the properties rented, or would they be forced to sell?
I would be in a similar position with several rental properties, no mortgage protection on any of them and very good ECB trackers and good rental income on all of them. If I died would my partner(not married)/kids be in a worse position. Could my estate keep the properties rented, or would they be forced to sell?
Interesting indeed. After further research it seems this rests more comfortably in the legal domain.
" Where there is not enough money in the estate to pay all outstanding bills or debts, those concerning the funeral, administration of the estate and concerning the will take priority, followed by debts that have security (such as housing loans) and lastly unsecured debts (e.g. personal loans) Some debts may be covered by loan protection insurance in the event of death (e.g. credit union loans) "
So, it would seem if the BTL is sold with residual debt outstanding, that residual debt becomes unsecured and jumps to the end of the line for payment out of the deceased's estate.
Would the bank pursue the widow for the shortfall? I'm guessing, it would depend on circumstances and the value of the estate.
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