I have a joint tenancy investment property both by title and mortgage and one of the parties passed away in October 2016. The executor of her estate is suggesting that we need to refinance to remove her name off the mortgage or sell the property. However the bank said as long as the loan is maintained they do not require any changes. This unfortunately does not satisfy the estate and they are withholding winding the estate up which includes a paid out property in which I'm to inherit. My question is there any way to settle this matter without refinancing (the loan is with my sister as well and she is currently working and living in the UK and the banks have changed their legislation regarding foreign income making refinancing difficult at this point) or selling the property is obviously something I wish to avoid.
QLD Joint tenancy mortgage and deceased estate
- Thread starter Smithy85
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- deceased estate mortgage
Ask the bank if they're willing to make the change without a formal refinance on the basis that the executor is holding things up.
Realistically, if the bank doesn't make a claim against the estate (which they wouldn't do if the loan is being paid) then there should be no issue from the executor. Either way, your sister can't be forced to sell the property and it doesn't form part of the estate as it was a joint tenancy. The deceased's interest in the property transfers automatically by right of survivorship.
Realistically, if the bank doesn't make a claim against the estate (which they wouldn't do if the loan is being paid) then there should be no issue from the executor. Either way, your sister can't be forced to sell the property and it doesn't form part of the estate as it was a joint tenancy. The deceased's interest in the property transfers automatically by right of survivorship.