03-06-2013, 12:42 PM
11
Re: Can you shed light on this....
Easier said than done Joe - some have been on the market 2 and 3 years ! Another sold just over half original price !This particular property has been for sale a couple of years, I agree with you - the MA is trying it on by harrassing, I will let him know, they cant force him tho'.....
06-06-2013, 12:10 PM
12
Re: Can you shed light on this....
Originally Posted by Pats CG
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When a parent passes on, are their debts then transferred to the offspring to clear .....
From what I have gleaned the debts have accured after the death and after probate.
Any debts are cleared in probate from the Monies and assets left.
06-06-2013, 01:16 PM
13
Re: Can you shed light on this....
Some debts can be and are often accrued after the death of a person, particularly when there is a property involved which has to be sold. Building insurance etc., is normally kept on and paid right up to the property being sold/ownership transferred, even if a sale takes some time.Probate grants executors the right to deal with the estate of a deceased person and applying for and obtaining probate is just the beginning of the process which legally allows executor/s to begin sorting the deceased's estate out, eventually winding all the deceased affairs up, discharging debts and administering the terms of the will.
Any debts (accrued before and after death) can be settled once probate is received, providing there is sufficient money freed up to do so (e.g. from a bank account or savings). Relatives may choose to pay any debts out of their own pocket, but this is voluntary and they cannot be legally made to do so.
I think in Pat's case money is still tied up in the property. Because it is taking some time to find a buyer maintenance costs are building up because of this. I am fairly certain that, unfortunately, in this case any maintenance costs associated with a flat/apartment will automatically run on until the property is sold and the capital is freed up. Many maintenance agreements include things like buildings insurance as well as straightforward maintenance of shared parts of the building. The owners of each individual flat within the building are collectively responsible for the maintenance of the whole building. Even when someone dies I believe their share is still payable until a sale is completed. If not, then other flat owners in the block would have to make up the shortfall.
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