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Shared Housing Deposit
Any one who has had a similar problem, we would appreciate your advice.
Comments
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Has anyone had this problem? Mum-in-law died last Christmas. She lived in a part-owned (sheltered) flat as a tenant. We gave the keys back 7 months ago (to Midland Heart). We have asked when we might receive the £20,000 desposit she paid on moving in several years ago, and we have been told the deposit will not be paid back until they (Midland Heart) sell the flat, and at the moment, there is no-one interested in buying it. As owners, they are responsible for selling the flat - it is not our fault they haven't sold the flat, so why is it our problem. Is this how part-ownership works?
Any one who has had a similar problem, we would appreciate your advice.
£20,000????? I think you'll find that's not a "deposit" it's her share of the house. If you want the money quicker, ask them to drop the price.... you'll just get less £.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
Thanks for this - perhaps 'desposit' was the wrong word - however, mum-in-law moved in 7 years ago, so even if the price has to be dropped, the flat will still sell for more than it cost back then?
Thanks again.0 -
Thanks for this - perhaps 'desposit' was the wrong word - however, mum-in-law moved in 7 years ago, so even if the price has to be dropped, the flat will still sell for more than it cost back then?
Thanks again.
It does depend on the exact terms. You may find the other part-owner get the lion share of any value increase.
Thi may actually be the reason they are dragging their feet, hoping to secure a better deal for themselves.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
THis is very very strange situation, I'd speak to a solicitor with specific experience in housing,
Shared ownership is increasingly common however I've only come across it in general needs housing and not specific sheltered accomodation, so I'm not sure that this is shred ownership in it's true form
Shared ownership properties are notoriously difficult to sell and it will time to resolve."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0
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