Advice from mortgage advisor & probate?

[OhPlums]

I've been told today that as I'm going through probate and due to be the Administrator, my late DM's mortgages (and potentially debts tol) would have to be included in a mortgage calculation and would be going against me in terms of affordability for me to buy my first home (with my own saved deposit) until sold.

AIBU to think this is completely incorrect?!

You aren't liable for your mother's debts or mortgage unless your name is on them. Sounds like you need a different mortgage advisor!

Is there any debt or financial link between you and your DM?

As in, do you have a shared loan or something?

If not then whoever told you that needs to go back to school! Being administrator of someone's estate does not mean you take on any of their debt.

As PP have said: unless you're on her mortgage or took on her debts jointly, your adviser is talking nonsense!

Does not sound right at all (I'm a solicitor).

The only thing I can think of is that you're planning to use your inheritance from DM's estate as a deposit and mortgage advisor is pointing out that debts and IHT etc may mean you won't receive as much as you hope and you'd need a bigger mortgage (which you may not qualify for). You mention your own saved deposit though so doesn't sound like this is the case.

Your role as Administrator should have nothing to do with that though.

They're talking to a bank about the inheritance etc (they've said it's the only major bank who will lend for the property value) and I've explained that those are separate. They're concerned that once I'm administrator then I'll be responsible for the debts because then the properties are in my name?? I'm selling but I'm sure you have to transfer property into your name after inheriting anyway?

It doesn't have to get transferred to you prior to sale, does it?

You get a grant of probate and sell it!

Hold on.... we used this as a general guide for my Aunt's estate!

www.thegazette.co.uk/all-notices/content/100719#:~:text=If%20the%20deceased%20owned%20property,deal%20with%20the%20deceased's%20estate.

That's exactly what I was thinking. It was a huge concern that they've mentioned this to a major lender and the lender is now concerned.

If I approach another advisor and they go to the same lender (a major bank), would this be an issue?

You can but try. Have you talked to the bank dorectly? Explained thar the advisor is a total numpty?

And if you feel particualrly aggrieve you can report the advisor to whichever ombudsman is appropriate!