selling an inherited housing association flat

G_M

AdrianC wrote: »

If the estate's debt is more than the value of the estate's assets, then the excess debt is written-off. You can't inherit net debt.



The OP hasn't said they're the executor. If they are, then who hired this genealogy outfit?

I think martindow's point was that if OP takes on/has taken on role of administrator, and they do not administer the estate properly (ie raising what could reasonably be expected, then the creditors could claim off OP for maladministration of the estate.

OP said the deceased died intestate. So they cannot be Executer. Hence I asked in post 4 who is the Administrator? It may have been the Treasury Solicitor who applied for the grant claiming bona vacantia on behalf of the Crown. Or it may have been one of the deceased's creditors who applied for a grant of administraion.

chanz4

wont they also have a clause, must be sold to someone over 55

getmore4less

ukmike wrote: »

The builder mate would have to be over 55 though to buy it!

That won't be a problem...

Selling on to a suitable buyer might be, but they will know the local market well enough to factor that risk.

krazydiamond

G_M wrote: »

Who has been named as Administrators of the estate?

You do not/will not own anything till Probate has been granted, and all the estate's debts (and tax if any) have been paid.

The administrators may have little choice but to sell as it is, in order to raise money to pay the debts - that is a matter for them.

You (they?) should certainly be looking at the HA rules ie what payment is due if any where the property is empty (there may/may not be discounts) as well as other costs.

Council Tax, for example, is charged at nil rate after the CT payer dies provided the property remain unoccupied.

You could also investigate whether HA shold contribute to renovation, since they part own, and will benefit financially from the increase in value - but again, you'll need to look at the paperwork to find out.

I am the administrator for the estate and have been since February although if I knew then what I know now I wouldn't have taken it on.

krazydiamond

martindow wrote: »

What if the sum realised is less than is needed to cover the debt? As administrators you have serious responsibilities and do not want any come back from a creditor claiming you could have done more to pay what they are owed. Does the genealogy company want a proportion of the money? If so they are going to be particularly keen to chase it up.

Unless you are confident that you will be left with a reasonable sum at the end of it all I would be very wary of undertaking the administration of this estate.

Yes the genealogy want a cut (of course) but I have taken this into consideration in my calculations.

krazydiamond

G_M wrote: »

I think martindow's point was that if OP takes on/has taken on role of administrator, and they do not administer the estate properly (ie raising what could reasonably be expected, then the creditors could claim off OP for maladministration of the estate.

OP said the deceased died intestate. So they cannot be Executer. Hence I asked in post 4 who is the Administrator? It may have been the Treasury Solicitor who applied for the grant claiming bona vacantia on behalf of the Crown. Or it may have been one of the deceased's creditors who applied for a grant of administraion.

As there was no will and no known living relatives at the point when he died then I believe the genealogy company was hired by the Crown. As said previously I accepted the administrator role not really knowing what I was taking on until now.

krazydiamond

martindow wrote: »

What if the sum realised is less than is needed to cover the debt? As administrators you have serious responsibilities and do not want any come back from a creditor claiming you could have done more to pay what they are owed. Does the genealogy company want a proportion of the money? If so they are going to be particularly keen to chase it up.

Unless you are confident that you will be left with a reasonable sum at the end of it all I would be very wary of undertaking the administration of this estate.

I have done my calculations over and over again and tried to take into account every single deduction that there will be. Providing the flat sells for around the price that the estate agent has valued it at then we should make a profit each of around £4000 (after we have taken off what we have paid for renovations). However I still have a nagging doubt that, despite my best intentions to try and take into account every eventuality, it could all go belly up and we end up losing money, hence this post....

AdrianC

The property has been inherited in the state it's in.

If you and your fellow beneficiaries wish to improve it before sale, that's outside the estate.

silvercar

Do you or the other beneficiaries want to take this on?

One or more of you may be happy to walk away now and leave the others have the hassle of renovation for whatever profit they can muster.

krazydiamond

AdrianC wrote: »

The property has been inherited in the state it's in.

If you and your fellow beneficiaries wish to improve it before sale, that's outside the estate.

Sorry don't understand that last comment. What do you mean 'it is outside of the estate'?