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Probate and a RESIDENTIAL park home (not a caravan)
LiquidStool
Posts: 92 Forumite
Hi all
I'm valuing my late father's estate for probate.
He, like many retirees bought a park home on a residential park, not a holiday park (important distinction) and pays a ground rent to the park owners.
Because of it's relatively low value, it's considered a chattel (an asset), not a conventional property. I'm guessing the whole estate is comfortably under the IHT threshold but is there any specific I should be aware of as it's a chattel or more specifically, a residential park home when it comes to probate?
Due to site rules, we don't qualify to live in it so it will be sold in due course - after giving the site owners 10%
many thanks
I'm valuing my late father's estate for probate.
He, like many retirees bought a park home on a residential park, not a holiday park (important distinction) and pays a ground rent to the park owners.
Because of it's relatively low value, it's considered a chattel (an asset), not a conventional property. I'm guessing the whole estate is comfortably under the IHT threshold but is there any specific I should be aware of as it's a chattel or more specifically, a residential park home when it comes to probate?
Due to site rules, we don't qualify to live in it so it will be sold in due course - after giving the site owners 10%
many thanks
0
Comments
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You’ve posted on the welfare benefits section. Try posting on the house buying/selling section here https://forums.moneysavingexpert.com/categories/house-buying-renting-selling0
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Although it may be under the IHT threshold, if there is no spouse living in the property, I believe it will still need to go through probate. Even if you have a will it still may need to go to probate.Proud to have dealt with our debtsStarting debt 2005 £65.7K.
Current debt ZERO.DEBT FREE1 -
I’ll move this to the correct board. @LiquidStoolI'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.1
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