Need help with dealing with inheritence..

TotallyBroke

I would say do not buy the council property. Even with a discount it would cost you your inheritance plus possible mortgage. You then as a Leaseholder have to pay money each month to the council for cutting of grass and any works they do. Costs a fortune, I personally am paying more to the council each month than I am on the mortgage.
I personally would pay the council rent for your home, invest your inheritance money and hire a good management company and see if you can rent the other property out. Once you have finished your training and are in full time work you will have your wages as well. If you can rent the other property out so it covers the management monthly fees and covers most of your rent in your home then you will ok. Then when the housing market picks up you can sell.

McKneff

You then as a Leaseholder have to pay money each month to the council for cutting of grass and any works they do. Costs a fortune, I personally am paying more to the council each month than I am on the mortgage.

i havent time to re read the post again but as far as i remember the OP is in a council house, therefor he would not be a leaseholder and would not have services to pay for, (except for council tax of course.) if this is the case.
The OP inherited a flat.

fasteddy13

Thanks TotallyBroke.. Best advice I have had so far.. I am currently checking out your idea now..
Only thing is that I may well sell the property and try to get a cheap one closer to stroud, not sure a 6 hundred mile round trip to sort out any problems is a good idea long term..
Simon..

viktory

zzzLazyDaisy wrote: »

Because it is their home, because OP has a secure tenancy, and because he is entitled to continue living there even if his financial circumstances change.

Totally agree. If the OP wants to continuing rent their council home then of course they should be able to. That is not the point I am making - I disagree with the OP buying their council home. I am against the RTB system and strongly believe that social housing should be left for those that need it the most - those that cannot afford to buy their own home. It would appear that this is no longer the case with the OP.

fasteddy13

Viktory.. Have to disagree with you on your point.. You are right that social housing should be for those that need it, my own need was great and was well serviced by my council house.. However, right to buy is one of the very few mechanisms for those at the bottom of society to be able to buy cheap and affordable houses, look what the free market (banks, estate agents and mortgage companies) did with house prices..!
The problem is that there is not enough social housing, this is due to the short-sighted policies of this, and especially previous governments..
If you think of the vast amount of money wasted by this government, and the appalling misdirection of funds by the last, well imagine how much housing could have been created using this money..? This remains a fundamental problem in our expanding population and until it is addressed head on will remain so. More restrictions for those at the bottom of society is not the answer..

viktory

fasteddy13 wrote: »

Viktory.. Have to disagree with you on your point.. You are right that social housing should be for those that need it, my own need was great and was well serviced by my council house.. However, right to buy is one of the very few mechanisms for those at the bottom of society to be able to buy cheap and affordable houses, look what the free market (banks, estate agents and mortgage companies) did with house prices..!
The problem is that there is not enough social housing, this is due to the short-sighted policies of this, and especially previous governments..
If you think of the vast amount of money wasted by this government, and the appalling misdirection of funds by the last, well imagine how much housing could have been created using this money..? This remains a fundamental problem in our expanding population and until it is addressed head on will remain so. More restrictions for those at the bottom of society is not the answer..

Quite. My opinion is that social housing should remain as social housing.

We will have to agree to disagree as I believe £70k is enough to buy without taking a valuable resource. I will however, bow out now as this is taking the topic off course.

pupsicola

I dont understand how inheriting 72k is a bad disruption to your life. It sounds like you are doing everything possible to stand on your own two feet. Try seeing this as a boost to doing that.

It wouldn't take that much effort to inform the relevant departments of benefits you are no longer entitled to. Many people on here would love to be in your position and able to come off benefits and be independant.

chesky369

Just had another look at the original post and, on re-reading, I do agree with him that it would be a good idea to start a pension whilst he's still feeling wealthy. Not all the money as he suggested, but a constant amount each month would be a great start.

Anthillmob

can you enquire about the correct way of renting the inherited property out? source of income.

jennihen

Hello Fasteddy!!
I'm sorry for loss.
I too am in a similar position. The first piece of advice I can give you is that probate will take time to sort out so you have a while to consider your options and get used to the idea. I panicked initially thinking that I wouldn't be able to get a mortgage etc but over the course of 10 months have garnered as much advise as possible and got myself in a position that, should the solicitors pay out anytime soon (LOL) I know what my course of action will be.
Bizarrely enough its very scary to be left a huge sum of money when you are used to scrimping by on the minimum and many people's initial reaction is to not want to deal with ie put it away and not have to think about it.
Ignore any posts that condemn you for that - its a natural reaction.
Take your time, seek advice and don't stress. There are plenty of people who give good advice on these boards and they might suggest things you hadn't thought of.
In slightly different circumstances I might have considered Buy to let to raise an income but being a Landlord has many pitfalls (Check out that board!!) You have to do what is right for you. Good luck
JH