Newly Inherited Disrepaired House - Options/Suggestions

flegg

Hi All

I'm looking for some advice and recommendations really on what my next steps could or should be:

Background:
I currently live in the 1910 family home and lost my father around 12 years ago, this hit my mum pretty hard and lost her just over a year ago. When my dad passed she never changed the ownership into her name even though there was a will. When my mum passed there was no will so I gone through all the paper work to get the intestacy sorted between me and my sister.

Because the death of my dad hit my mum hard, she let the house get into a state of disrepair, where guttering has broken and each time it rains it runs down the outside wall which has caused paint and plaster to flake off the wall due to damp. There's also a few holes in the roof that has caused water to seep in and caused the ceiling plaster to fall down in 3 of the rooms and now when it rains heavy water comes into via those gaps into the rooms.

I initially started some applications for grants like the HUG when my mum was alive but they've only now managed to get back to me. HUG was approved to get installation for solar panels, outside heat pump (as there's no central heating and only 1 working fire in the house, and no hot water in the kitchen, only in the bathroom via an immersion heater), room-to-room insulation, loft insulation and a few other things. However, this was followed up with them not being able to proceed due to them not being able to raise the EPG to level C before the grant funding ends in April. As part of the assessment they also send out someone to check and measure for damp who recommended a structural engineer to check the roof and also highlighted the level of damp in one of the bedrooms (where the water comes through the ceiling.

So, as I've never owned a house before, changing the owner of the house into my name would remove any benefits of a new home-owner if I did move out. Changing it into my sisters name would cause her to effectively own 2 houses and be taxed on that (she moved out over 30 years ago and is happily married)

Options/Suggestions:

So how I see it at the moment is as follows; get a house valuation now and see how much the house is worth in it's current state of disrepair, then get a quote for the work to rectify it and see i the cost vs additional value it would add be worth while. If it's not then potentially sell the house as is as a DIY/Renovation project for someone but obviously not getting as much as I could for it. If the valuation was worthwhile in repairing it, then take a mortgage out to fund the repairs on the house then pay that off when the house sells, but I've seen a few other comments about some properties not being able to get the mortgage is the house is in a bad state of disrepair.

Sell it as is, split the money with my sister and then attempt to get my own apartment or flat. However as I'm 44 this year, what's the likelihood of my being able to get a mortgage as it could now run past retirement age and the bank may not authorise that?

Or am I best to stay here for the rest of my days and allow the house to degrade.

I'm male, 43, single, no partner, no children, no dependants, good job circa 50K/year, but also around 30K debts which I'm attempting to clear month by month but will take at least 5-6 years to clear them I'd have thought.

Any and all advice welcome as I've never owned a house before, never done repairs, never moved house etc

Thank you everyone!

tacpot12

It would be best to sell the house in its current state. To get it repaired, will cost money you don't have and skills in evaluation tradespeople that you don't have. You also need the money to clear your debts. I would get it valued so you know what it is worth currently and then sell it. 

You will be able to get a mortgage that runs past your retirement age, providing you have some income, such as from a good pension. Have you been saving for a pension? It would be best to try to avoid needing a ortgage but this will depend on what the house is worth and what it will sell for.

JGB1955

Don't spend money on 'doing up' the house.  Let it be sold as a 'doer-upper' from the estate.  It will be worth something to someone and you will save yourself all the hassle of project management etc etc.

You have 25+ years to pay off a mortgage.  Speak to a broker about your options.

Loza2016

If I was in your shoes I would do some basic repairs to get it water tight and tidy then sell. 

44 is still young to get a mortgage so book an appointment with a mortgage advisor and see what you can borrow. 

Our current house was unliveable when we bought it with no heating etc and we still had to pay over the asking price to secure it. 

Full house renovation is stressful so you really need to think carefully if you really want to go down that road while living there. 

ReadySteadyPop

JGB1955 said:

Don't spend money on 'doing up' the house.  Let it be sold as a 'doer-upper' from the estate.  It will be worth something to someone and you will save yourself all the hassle of project management etc etc.

You have 25+ years to pay off a mortgage.  Speak to a broker about your options.

Why would you take on mortgage debt with the risk of interest rates going up in future when you already own a house?

ReadySteadyPop

Loza2016 said:

If I was in your shoes I would do some basic repairs to get it water tight and tidy then sell. 

44 is still young to get a mortgage so book an appointment with a mortgage advisor and see what you can borrow. 

Our current house was unliveable when we bought it with no heating etc and we still had to pay over the asking price to secure it. 

Full house renovation is stressful so you really need to think carefully if you really want to go down that road while living there. 

But they already live there? Say you got a new bathroom put in, that would be what, 3 or 4 nights in a Travelodge so you could shower and go to work?

ReadySteadyPop

flegg said:

Hi All

I'm looking for some advice and recommendations really on what my next steps could or should be:

Background:
I currently live in the 1910 family home and lost my father around 12 years ago, this hit my mum pretty hard and lost her just over a year ago. When my dad passed she never changed the ownership into her name even though there was a will. When my mum passed there was no will so I gone through all the paper work to get the intestacy sorted between me and my sister.

Because the death of my dad hit my mum hard, she let the house get into a state of disrepair, where guttering has broken and each time it rains it runs down the outside wall which has caused paint and plaster to flake off the wall due to damp. There's also a few holes in the roof that has caused water to seep in and caused the ceiling plaster to fall down in 3 of the rooms and now when it rains heavy water comes into via those gaps into the rooms.

I initially started some applications for grants like the HUG when my mum was alive but they've only now managed to get back to me. HUG was approved to get installation for solar panels, outside heat pump (as there's no central heating and only 1 working fire in the house, and no hot water in the kitchen, only in the bathroom via an immersion heater), room-to-room insulation, loft insulation and a few other things. However, this was followed up with them not being able to proceed due to them not being able to raise the EPG to level C before the grant funding ends in April. As part of the assessment they also send out someone to check and measure for damp who recommended a structural engineer to check the roof and also highlighted the level of damp in one of the bedrooms (where the water comes through the ceiling.

So, as I've never owned a house before, changing the owner of the house into my name would remove any benefits of a new home-owner if I did move out. Changing it into my sisters name would cause her to effectively own 2 houses and be taxed on that (she moved out over 30 years ago and is happily married)

Options/Suggestions:

So how I see it at the moment is as follows; get a house valuation now and see how much the house is worth in it's current state of disrepair, then get a quote for the work to rectify it and see i the cost vs additional value it would add be worth while. If it's not then potentially sell the house as is as a DIY/Renovation project for someone but obviously not getting as much as I could for it. If the valuation was worthwhile in repairing it, then take a mortgage out to fund the repairs on the house then pay that off when the house sells, but I've seen a few other comments about some properties not being able to get the mortgage is the house is in a bad state of disrepair.

Sell it as is, split the money with my sister and then attempt to get my own apartment or flat. However as I'm 44 this year, what's the likelihood of my being able to get a mortgage as it could now run past retirement age and the bank may not authorise that?

Or am I best to stay here for the rest of my days and allow the house to degrade.

I'm male, 43, single, no partner, no children, no dependants, good job circa 50K/year, but also around 30K debts which I'm attempting to clear month by month but will take at least 5-6 years to clear them I'd have thought.

Any and all advice welcome as I've never owned a house before, never done repairs, never moved house etc

Thank you everyone!

No, in my opinion you are best to stay there and start using some of your 50k salary to begin repairing the house, you already have 30k (credit card?) debt, are you going to take on another what 300k, 400k mortgage debt when you already own a place to live!

gwynlas

You need to get a valuation of the house as it is and an idea of what it would be worth if renovated to decide whether it would be worth selling as is 

Be aware that sale would probably be by auction and needing total renovation

If you wish to carry on livng there then obviously you need to take out a mortgage using inheritance as a deposit and get the house brought up to a satisfactory standard

Obviously making it watertight and having a heating system installed would be the priorities.

p00hsticks

As you say the property is still in your fathers name I suggest you look into what you need to do to be in a legal position to be able to sell the house, if you haven't already.. 
 
You say that the property is in your fathers name and he left a will leaving it to your mother. Who was the executor of that will and was probate obtained ? I'm not an expert but It may be that you have to go back and get probate for your fathers estate if it wasn't done already. 
Is the property registered with the electronic land registry ? You can check here.
Search for land and property information - GOV.UK
You don't need to purchase anything - just see if it shows up at all. If not ,do you have the paper deeds ?  

fullyrendered

ReadySteadyPop said:

flegg said:

Hi All

I'm looking for some advice and recommendations really on what my next steps could or should be:

Background:
I currently live in the 1910 family home and lost my father around 12 years ago, this hit my mum pretty hard and lost her just over a year ago. When my dad passed she never changed the ownership into her name even though there was a will. When my mum passed there was no will so I gone through all the paper work to get the intestacy sorted between me and my sister.

Because the death of my dad hit my mum hard, she let the house get into a state of disrepair, where guttering has broken and each time it rains it runs down the outside wall which has caused paint and plaster to flake off the wall due to damp. There's also a few holes in the roof that has caused water to seep in and caused the ceiling plaster to fall down in 3 of the rooms and now when it rains heavy water comes into via those gaps into the rooms.

I initially started some applications for grants like the HUG when my mum was alive but they've only now managed to get back to me. HUG was approved to get installation for solar panels, outside heat pump (as there's no central heating and only 1 working fire in the house, and no hot water in the kitchen, only in the bathroom via an immersion heater), room-to-room insulation, loft insulation and a few other things. However, this was followed up with them not being able to proceed due to them not being able to raise the EPG to level C before the grant funding ends in April. As part of the assessment they also send out someone to check and measure for damp who recommended a structural engineer to check the roof and also highlighted the level of damp in one of the bedrooms (where the water comes through the ceiling.

So, as I've never owned a house before, changing the owner of the house into my name would remove any benefits of a new home-owner if I did move out. Changing it into my sisters name would cause her to effectively own 2 houses and be taxed on that (she moved out over 30 years ago and is happily married)

Options/Suggestions:

So how I see it at the moment is as follows; get a house valuation now and see how much the house is worth in it's current state of disrepair, then get a quote for the work to rectify it and see i the cost vs additional value it would add be worth while. If it's not then potentially sell the house as is as a DIY/Renovation project for someone but obviously not getting as much as I could for it. If the valuation was worthwhile in repairing it, then take a mortgage out to fund the repairs on the house then pay that off when the house sells, but I've seen a few other comments about some properties not being able to get the mortgage is the house is in a bad state of disrepair.

Sell it as is, split the money with my sister and then attempt to get my own apartment or flat. However as I'm 44 this year, what's the likelihood of my being able to get a mortgage as it could now run past retirement age and the bank may not authorise that?

Or am I best to stay here for the rest of my days and allow the house to degrade.

I'm male, 43, single, no partner, no children, no dependants, good job circa 50K/year, but also around 30K debts which I'm attempting to clear month by month but will take at least 5-6 years to clear them I'd have thought.

Any and all advice welcome as I've never owned a house before, never done repairs, never moved house etc

Thank you everyone!

No, in my opinion you are best to stay there and start using some of your 50k salary to begin repairing the house, you already have 30k (credit card?) debt, are you going to take on another what 300k, 400k mortgage debt when you already own a place to live!

But they only own half of this house. They need to raise a mortgage to buy out the sister and raise funds for renovation. Not so simple.

ReadySteadyPop

fullyrendered said:

ReadySteadyPop said:

flegg said:

Hi All

I'm looking for some advice and recommendations really on what my next steps could or should be:

Background:
I currently live in the 1910 family home and lost my father around 12 years ago, this hit my mum pretty hard and lost her just over a year ago. When my dad passed she never changed the ownership into her name even though there was a will. When my mum passed there was no will so I gone through all the paper work to get the intestacy sorted between me and my sister.

Because the death of my dad hit my mum hard, she let the house get into a state of disrepair, where guttering has broken and each time it rains it runs down the outside wall which has caused paint and plaster to flake off the wall due to damp. There's also a few holes in the roof that has caused water to seep in and caused the ceiling plaster to fall down in 3 of the rooms and now when it rains heavy water comes into via those gaps into the rooms.

I initially started some applications for grants like the HUG when my mum was alive but they've only now managed to get back to me. HUG was approved to get installation for solar panels, outside heat pump (as there's no central heating and only 1 working fire in the house, and no hot water in the kitchen, only in the bathroom via an immersion heater), room-to-room insulation, loft insulation and a few other things. However, this was followed up with them not being able to proceed due to them not being able to raise the EPG to level C before the grant funding ends in April. As part of the assessment they also send out someone to check and measure for damp who recommended a structural engineer to check the roof and also highlighted the level of damp in one of the bedrooms (where the water comes through the ceiling.

So, as I've never owned a house before, changing the owner of the house into my name would remove any benefits of a new home-owner if I did move out. Changing it into my sisters name would cause her to effectively own 2 houses and be taxed on that (she moved out over 30 years ago and is happily married)

Options/Suggestions:

So how I see it at the moment is as follows; get a house valuation now and see how much the house is worth in it's current state of disrepair, then get a quote for the work to rectify it and see i the cost vs additional value it would add be worth while. If it's not then potentially sell the house as is as a DIY/Renovation project for someone but obviously not getting as much as I could for it. If the valuation was worthwhile in repairing it, then take a mortgage out to fund the repairs on the house then pay that off when the house sells, but I've seen a few other comments about some properties not being able to get the mortgage is the house is in a bad state of disrepair.

Sell it as is, split the money with my sister and then attempt to get my own apartment or flat. However as I'm 44 this year, what's the likelihood of my being able to get a mortgage as it could now run past retirement age and the bank may not authorise that?

Or am I best to stay here for the rest of my days and allow the house to degrade.

I'm male, 43, single, no partner, no children, no dependants, good job circa 50K/year, but also around 30K debts which I'm attempting to clear month by month but will take at least 5-6 years to clear them I'd have thought.

Any and all advice welcome as I've never owned a house before, never done repairs, never moved house etc

Thank you everyone!

No, in my opinion you are best to stay there and start using some of your 50k salary to begin repairing the house, you already have 30k (credit card?) debt, are you going to take on another what 300k, 400k mortgage debt when you already own a place to live!

But they only own half of this house. They need to raise a mortgage to buy out the sister and raise funds for renovation. Not so simple.

Get a lodger, get a valuation and ask the sister if you can pay in instalments?