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Inheriting right to buy property brought last year
Comments
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OP, are you the executor of the estate? Could the estate rent the property out on behalf of the beneficiaries for 5 years?
AIUI, you want to give your siblings their proportion of the estate they would get if the discount was lost so that you can keep the property and not lose the discount. In essence, heads you win? Maybe offer them a proportion of the extra money as well, and maybe use some of the cash from the estate to do some works on the property so that your siblings aren't adversely affected by receiving some cash. Obviously that's all without a legal opinion.
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That would need to be via a deed of variation, so that OP becomes the owner directly from the will. If OP bought the siblings share, that would be a sale by the sibling and so liable to repay the discount. At least, that’s the way I read it.
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Why not just pay back the discount, which after all you are not entitled to.
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they are entitled to it, if they don’t sell the property.
I'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.0 -
OP, have you done research into the pro's and con's of letting out property? Many experienced landlords are getting out of the rental market, not least because there is new legislation coming in next week. Are you prepared for the emotional toll if you get a tenant from hell who fails to pay and trashes your father's house?
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The OP might also find it difficult to remove tenants for the purpose of their children moving in. I’m not sure that’s one of the valid reasons for eviction when the new legislation comes in to force.
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The OP might also find it difficult to remove tenants for the purpose of their children moving in. I’m not sure that’s one of the valid reasons for eviction when the new legislation comes in to force.
Looking at the revised grounds in Schedule 2 to the Housing Act 1988 (grounds for possession), Ground 1 does seem to allow removal for the purpose of children (among other family members) to move in.
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Thanks, I wasn’t sure. Seems there is more protection for landlords than I thought.
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