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First time buyer & property inheritence
Comments
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Ownership? Or occupation?Keep_pedalling wrote: »It is highly unlikely it was ever transferred into the OPs name as ownership is restricted to the over 55s.0 -
Keep_pedalling wrote: »It is highly unlikely it was ever transferred into the OPs name as ownership is restricted to the over 55s.
This is the key - transferring the ownership of an over 55's is very complex with leases and convenants and chits to say you are fit enough to live there etc etc - doubt they went through all this, if they did the OP would know about it. Bet it was sold by the estate0 -
Ownership? Or occupation?
Normally both. I had a retirement flat but sold it in August, and the lease states that ownership is for over 55s. Occupation is slightly different. If the leaseholder is 55, then you can have under 55s living with you, until you get carted off in your box, or to a care home, that is. If the remaining occupant is under 55, they have to sell or shove off.
Respect for ourselves guides our morals, respect for others guides our manners~Laurence Sterne
All animals are equal but some animals are more equal than others~George Orwell0 -
If the property was mortgaged it would be hard to see how it could pass to the OP as beneficiary without the mortgage being repaid by cash from within the estate; or the OP raising their own mortgage or paying money to the estate to redeem the mortgage.
It sounds like a sale by estate to repay mortgage and pay liquid funds to beneficiaries.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
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