home reversion equals homeless??

CBR600F_2

Sorry about your Mum, pal. Can't imagine what that's like. No advice, just...sorry.

Thrugelmir

dalyanrobbi wrote: »

There is no mortgage.

Sorry my fault overlooked that.

Windsor Life own the property not the estate. So your mother was granted a life long tenancy. The property isn't your's to sell (in capacity as executor of the estate )but Windsor Life's.

Windsor Life could and most likely will pursue you for their "losses" once the 28 days has elapsed. What does the contract say in this regard?

ticktack_2

I know how you feel. It's an awful emotional shock when your parent dies, especially if you were their carer. And it can bring with it so many practical problems at a time when you least feel able to deal with them.

Regarding housing, would you be eligible for benefits if you move into a rented flat? You might be better off notify the company and making arrangements to move out within the stated period, if possible. You don't need legal struggles to contend with, at the same time as dealing with your grief. It's probably not the first time this company has dealt with this kind of situation, hence perhaps why they didn't want you to move in. They're probably extremely well informed on how to enforce their agreement, whereas you don't have that advantage. They're bound to get possession, and when they do, they may be able to claim much more in costs than you are thinking of. I suspect it would be far cheaper to rent a flat, especially if you are eligible for HB,

Bear in mind also that if you don't play by the rules -- if you delay notifying the company, and try to "stall" them as you say -- it may prejudice your case with the Ombudsman. They won't like it if they feel they're being used for purposes of stalling -- and again, they're certain to have come across the situation before.

It may seem hard, but it's basically the same situation as anyone who's been caring for a parent in the parent's home, if the carer doesn't have any right of tenure themselves. In many cases they have to move out more or less immediately after the parent's death.

dalyanrobbi

The contract is unclear on how soon we should vacate. Fromchecking the websites of other home reversion policy providers, 28 days seemsto be the norm.

We have in any case signed a disclaimer of interest (signedlast year) in which we state we will need a 'reasonable' amount of time toattend to my mother's affairs before vacating the property. I regret signing itnow but was pushed into it by the company who intimated that by allowing us tolive at the property my mother could be found in breach of contract andpossibly lose her rights of tenancy. Nice way to treat an old lady withdementia!
So I don't know that we have any rights in law other thansquatters' rights. I very much doubt the company will get any more money ifthey sell the property tomorrow than if they sell in 6 months' time so it'sunclear what their losses would be, other than the rather paltry £157 they payMum every month in return for their investment. (I would, of course, put thisto one side for them.)

It doesn’t work in our favour to delay the sale as thiswould delay us in receiving our share. The market isn’t great at the moment. Ihave considered offering to pay a reasonable rent to stay on. This would workto their advantage as the house would be occupied, maintained and otherwiselooked after up until it was sold – and would also give us time to make otherarrangements. But based on their previous responses (see above) I’m not sure ifit’s worth trying to negotiate with them.
I will talk to a solicitor tomorrow.

Thrugelmir

dalyanrobbi wrote: »

The contract is unclear on how soon we should vacate. Fromchecking the websites of other home reversion policy providers, 28 days seemsto be the norm.

We have in any case signed a disclaimer of interest (signedlast year) in which we state we will need a 'reasonable' amount of time toattend to my mother's affairs before vacating the property. I regret signing itnow but was pushed into it by the company who intimated that by allowing us tolive at the property my mother could be found in breach of contract andpossibly lose her rights of tenancy. Nice way to treat an old lady withdementia!
So I don't know that we have any rights in law other thansquatters' rights. I very much doubt the company will get any more money ifthey sell the property tomorrow than if they sell in 6 months' time so it'sunclear what their losses would be, other than the rather paltry £157 they payMum every month in return for their investment. (I would, of course, put thisto one side for them.)

It doesn’t work in our favour to delay the sale as thiswould delay us in receiving our share. The market isn’t great at the moment. Ihave considered offering to pay a reasonable rent to stay on. This would workto their advantage as the house would be occupied, maintained and otherwiselooked after up until it was sold – and would also give us time to make otherarrangements. But based on their previous responses (see above) I’m not sure ifit’s worth trying to negotiate with them.
I will talk to a solicitor tomorrow.

This is a difficult time for you. So I will sign off with one final observation. There is a totally contrary view to the one you expressed above. In that Windsor Life have done nothing wrong. As difficult as that must be for you to appreciate.

YesWillMan

dalyanrobbi wrote: »

A couple of years back Windsor Life (now Reassure) got cold feet at the idea of us living as carers in 'their' property and bullied us into signing a disclaimer.

When you say "I believe we're what's known as 'excluded occupiers' " is this detailed in this disclaimer? If so what does it state?
When you say "bullied" could you say that they put you under undue influence to sign.

If the Financial Ombudsman is currently investigating this then they will need to know shortly otherwise this could go against your claim. You mention "stalling technique" but they can not sell it immediately (Probate needed and someone to buy it) and sometimes it is better to sell a property that is lived in than an empty one. You could agree a further period than the 28 days from advising them or you could ask to be able to stay there until 28 days after Probate has been granted. The Property can not be sold until the Probate is available in any case.

Eventually you will have to get out, as to stay with "eviction" and/or possible "Court action" hanging over you will not go down well later in life when you are looking for property to rent/lease yourself.

Go to the local Council tell them your predicament and see if they can put you forward for housing.

This website has some useful information about home reversion schemes http://www.equityreleasesupermarket.co.uk/news/
not sure if they can advise but its worth asking.

ticktack_2

dalyanrobbi wrote: »

The contract is unclear on how soon we should vacate. From checking the websites of other home reversion policy providers, 28 days seemsto be the norm. We have in any case signed a disclaimer of interest (signedlast year) in which we state we will need a 'reasonable' amount of time toattend to my mother's affairs before vacating the property. I regret signing itnow but was pushed into it by the company who intimated that by allowing us to live at the property my mother could be found in breach of contract and possibly lose her rights of tenancy. So I don't know that we have any rights in law other thansquatters' rights.

Presumably when they learn of your mother's death they will give you notice. According to Shelter (http://england.shelter.org.uk/get_advice/renting_and_leasehold/private_tenancies/excluded_occupiers), you have very few rights, fewer than squatters. To evict you, all the company has to do is give you "reasonable notice". "Reasonable" is undefined. They're not allowed to threaten you or use force, of course, but there's no reason to suppose they would try to do this.

I very much doubt the company will get any more money ifthey sell the property tomorrow than if they sell in 6 months' time so it'sunclear what their losses would be, other than the rather paltry £157 they payMum every month in return for their investment. (I would, of course, put thisto one side for them.)

If you breach the terms of the agreement you signed, they may be able to take action against you. If you lose the action, which is very possible, you'll be liable for both your costs and theirs. Their costs will be very high, you can depend on that. And while this is happening, you won't be allowed to stay in the property, so it's really not worth it.

As for the monthly payment, I'm not a lawyer but it seems to me you'll be on extremely dangerous ground if you don't notify the company immediately of your mother's death so that this payment is stopped. You definitely shouldn't "put it to one side for them". That sounds like obtaining money through deception. You can't rely on arguing that you meant to give it back to them. That may not be believed.

It doesn’t work in our favour to delay the sale as thiswould delay us in receiving our share. The market isn’t great at the moment. Ihave considered offering to pay a reasonable rent to stay on. This would workto their advantage as the house would be occupied, maintained and otherwiselooked after up until it was sold – and would also give us time to make otherarrangements. But based on their previous responses (see above) I’m not sure ifit’s worth trying to negotiate with them.

I imagine you can assume that since under the present circumstances they can evict you very easily, without going to court, they probably wouldn't agree to relinquish that advantage by giving you a tenancy.

I will talk to a solicitor tomorrow.

Yes, that sound like your best course. Good luck.