what happens if vendor passes away during sale?

jayjay2010

What happens if the vendor passes away after contracts signed but still waiting for negative equity consent from bank letter to come?

I'm seriously not having fun in this buying process.............

davo10

jayjay2010 wrote: »

What happens if the vendor passes away after contracts signed but still waiting for negative equity consent from bank letter to come?

I'm seriously not having fun in this buying process.............

If there is no will then it goes to probate and thereafter the vendors estate. The sale progresses but it takes longer.

MouseTail

Goodness, speak to your solicitor. I imagine NE is no longer a concern as mortgage assurance kicks in, but I have no idea if the contract with a deceased person is enforceable, or when it becomes part of the Estate for the Executor to deal with. What a difficult situation for you.

MAJJ

MouseTail wrote: »

Goodness, speak to your solicitor. I imagine NE is no longer a concern as mortgage assurance kicks in, but I have no idea if the contract with a deceased person is enforceable, or when it becomes part of the Estate for the Executor to deal with. What a difficult situation for you.

I believe it's the executors decision and good point above on mortgage assurance. OP Good luck with it and hope it goes well for you

L1011

You'll be another year plus in even the quickest circumstances - I'd just walk away

Riskymove

L1011 wrote: »

You'll be another year plus in even the quickest circumstances - I'd just walk away

it depends

if the vendor is married it may simply pass to spouse with no serious delay.