Inheritance and shared ownership

glastocat

My dad died last week, we buried him on Saturday. My parents are long divorced and I am an only child, so it looks like I inherit everything. He had a shared ownership two bedroomed flat that has been left in a shocking state, it will need to be totally gutted. He only had a year or so left on his mortgage, and I'm guessing the insurance will pay off his share. But how does it work now? I have no use for the flat, I ;ive 300 miles away. Will the shared ownership scheme buy my share back? Do I have to pay rent on the other share? I saw a solicitor today and he had no idea.

Any help or advice much appreciated.

glastocat

Anyone? Have I put this in the right place?

Conrad

My guess is you will sell the flat and claim your share.
The problem is there are so many different housing share schemes, each with its own unique criteria. Your first step is to write to them.

Did you not know your Dads flat was in a bad state? Had you not been for a while.

TonyMMM

Did he leave a will ...if not rules of intestacy will apply ...either way someone will need to act as executor or administrator of his estate. Unfortuantely that probably means having to got through the flat checking for all financial paperwork you can find.

Dan_1976

Sorry to hear your news, it must be hard to tackle all this so soon.

Once you have looked in to the will side of things, you can offer your share to the housing association. Sometimes they buy it back sometimes they dont, I am not sure what they do in the case of Death.

You will need to look at the inheritance tax side of things also.

spuds_2

Sorry to hear of your loss. I think you will need to go through all your dad's stuff - which is not a pleasant thing to have to do - and get together as much paperwork as you can. You need to ask the mortgage company for a statement of the balance outstanding. If there isn't anything in his papers which explains it, you will have to get on to the association itself which shared the property with him.

It's very difficult to do these things when you live so far away.

Robert_Sterling_3

glastocat wrote: »

I saw a solicitor today and he had no idea.

That is because he has not seen "The terms and conditions" in the contract which your father signed.

glastocat

Well it looks like there was no will, and I am the sole heir. He has left some cash from an accident he had a few years ago ( not sure how much) and he was buying 50% of his apartment, which was almost paid off and I think there is an insurance policy you cover the rest. I spoke to the shared ownership people who said I need to send them a death notice and they will then sort things out with the solicitor. Anyway, they will get a valuation then, and I'm not sure after that really.

Spent today clearing the flat, there are now several binbags of finanicial documents to go through. What a bloody nightmare. My dad was in poor health throughout his life, but refused all help, so we didn't know his place was in such bad shape. He hadn't thrown out a newspaper or a bank slip in twenty years I would say. He was only 63. The poor old !!!!!!.

Anyway, thanks for the help, guess I will just have to wait and see now. Fingers crossed the Housing Association will buy me out I suppose.

getmore4less

I know it will be difficults but a tip when going through the paperwork.

Get some help if you can.

Treat sorting as just that don't linger/reading or it willl take for ever make the odd note if something looks like it should be read and stick a post it on it.

Just sort into the different piles, then sort the piles in cronilogical order.

Makes it a lot easier to tie things together once you start going through.

Once you have a set sorted you can then look through looking for details of things that might need attention.