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selling an inherited housing association flat
Comments
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That is what I have been told - the conditions on selling the property are that it has to be sold to an over 55 year old and they need to be interviewed by the association.Quite possibly - it may be that the property needs to be sold directly to an eligible party (aged 55 or over). Presumably your solicitor has a copy of the lease to determine this?0 -
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krazydiamond wrote: »The genealogy company will be receiving 10% of the final net sum due to each of us.
Yet another reason to finalise the estate before any refurb programme starts.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
krazydiamond wrote: »That is what I have been told - the conditions on selling the property are that it has to be sold to an over 55 year old and they need to be interviewed by the association.
You would be inheriting rather than having been sold the property. You may not have the right to live in it due to age constraints. It can't be the first time this has happened- there must be offspring who have bought properties for a parent in a retirement set up.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Depending on the work required, the flat may well cost a lot less to renovate than you estimate.
For instance, renovating a kitchen may cost thousands, or, ifyou are quite handy with the tools, it may just be a case of replacing the doors and drawer fronts and giving it a coat of paint with the total cost being hundreds.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0 -
I can't see the sense in spending money on it with no guarantee of the outcome.
Auction as-is (or gutted and left bare) would seem to be the most sensible option. If the sale more than covers the debt, you get something out of it, if not, you've not put too much effort into it.
Have you asked the HA if they would be interested in buying as-is? If yes but only at a low price, maybe set the auction reserve at that price.0 -
All your comments make sense to me but none of this has been explained by the solicitor. All they want from me is an answer as to whether I am going to be renovating or not. I will speak to them tomorrow and go from there.You would be inheriting rather than having been sold the property. You may not have the right to live in it due to age constraints. It can't be the first time this has happened- there must be offspring who have bought properties for a parent in a retirement set up.0 -
krazydiamond wrote: »That is what I have been told - the conditions on selling the property are that it has to be sold to an over 55 year old and they need to be interviewed by the association.
I would say that pretty much rules out the auction route!0 -
Have you spoken to the housing association?. They are likely to have first refusal on any sale.krazydiamond wrote: »That is what I have been told - the conditions on selling the property are that it has to be sold to an over 55 year old and they need to be interviewed by the association.0
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