Feelinghelpless
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This does not relate to me directly but an in law and I have kept as brief as I can.
Father and son take out a mortgage for a business endeavor in the late 90s. Father subsequently passes away (early 2000s) without leaving a will. Substantial assets and although wishes of Father had been made known and will drafted – will not signed. Son continues to make payments towards the loan up to 10 years ago. After a few difficult years some siblings paid off and 2 remaining siblings– executor and son (who took out loan) so will still not resolved.
Executor trying to come to resolution with brother regarding split of remaining assets as executor has borrowed substantially to pay off other family members, but it is extremely fraught.
In the meantime, executor starts to receive post to estate of late father saying loan outstanding. Executor duly brings paperwork to solicitor dealing with estate – to be told on more than one occasion both verbally and in writing – to not engage with lender as loan statute barred at this stage.
A few weeks ago receiver appointed over a substantial asset of estate far in excess of money owed. Solicitor now finds in his archive a copy of the mortgage paperwork. Same firm of solicitors has dealt with the estate over the years but different solicitors.
Executor has the funds to pay off the loan from personal finances but the solicitor seems unable to make contact with solicitor dealing with the sale. Executor now wondering if at this point it is simply too late to try and resolve.
Executor feels a new solicitor will only complicate matters due to the ongoing saga of the will over many years but I am inclined to advise maybe seeking a solicitor with a specialism in this area?
Receiver has made no attempt locally to put up signs or advertise locally so likely asset will not achieve what it is potentially worth.
Thanks for reading. Any advice or recommendations for someone specialising in this area would be appreciated.
Father and son take out a mortgage for a business endeavor in the late 90s. Father subsequently passes away (early 2000s) without leaving a will. Substantial assets and although wishes of Father had been made known and will drafted – will not signed. Son continues to make payments towards the loan up to 10 years ago. After a few difficult years some siblings paid off and 2 remaining siblings– executor and son (who took out loan) so will still not resolved.
Executor trying to come to resolution with brother regarding split of remaining assets as executor has borrowed substantially to pay off other family members, but it is extremely fraught.
In the meantime, executor starts to receive post to estate of late father saying loan outstanding. Executor duly brings paperwork to solicitor dealing with estate – to be told on more than one occasion both verbally and in writing – to not engage with lender as loan statute barred at this stage.
A few weeks ago receiver appointed over a substantial asset of estate far in excess of money owed. Solicitor now finds in his archive a copy of the mortgage paperwork. Same firm of solicitors has dealt with the estate over the years but different solicitors.
Executor has the funds to pay off the loan from personal finances but the solicitor seems unable to make contact with solicitor dealing with the sale. Executor now wondering if at this point it is simply too late to try and resolve.
Executor feels a new solicitor will only complicate matters due to the ongoing saga of the will over many years but I am inclined to advise maybe seeking a solicitor with a specialism in this area?
Receiver has made no attempt locally to put up signs or advertise locally so likely asset will not achieve what it is potentially worth.
Thanks for reading. Any advice or recommendations for someone specialising in this area would be appreciated.