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Park home on a residential site & Probate. Any pointers/pitfalls
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 - or just selling it?
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 - or just selling it?
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
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