We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
The Forum is currently experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Inheriting a shared ownership property
datlex
Posts: 2,252 Forumite
Any one know how it works if you inherit a shared ownership property where a rent is paid to a housing association. Is the person who inherits obliged to pay the rental if they do not live in the property?
Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
0
Comments
-
If you take over as tenant then yes you'd become liable for the rent. Whether you live there or not is irrelevant.0
-
You will have to check the terms of the contract, it should cover what happens when the owner dies.
Is there a mortgage?
That will also have terms covering death.0 -
thanks i thought that might be the case but wanted to see what others thought.If you take over as tenant then yes you'd become liable for the rent. Whether you live there or not is irrelevant.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
The estate of the deceased will presumably be responsible for the payment of rent until such times as the estate is settled and the property disposed of?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
I strongly suspect that the shared ownership contract says something about this situation. The housing association may well have the right to purchase, with the beneficiary then receiving the value of the share.
That apart, then - yes - of course the rent will still need to be paid...0 -
Yes. Terms for disposal on death should be contained in the lease.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
It would help if you explain why you're asking. As others have said, it isn't necessarily the case that the beneficiary under the estate will become the tenant/sharing owner. People who inherit properties often just get the cash after the executors have sold the property.thanks i thought that might be the case but wanted to see what others thought.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.4K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.4K Work, Benefits & Business
- 598K Mortgages, Homes & Bills
- 176.7K Life & Family
- 256.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards