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    • bundance
    • By bundance 12th May 18, 3:09 PM
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    bundance
    Avoiding leaving unsaleable and financially burdensome property to loved ones after I die
    • #1
    • 12th May 18, 3:09 PM
    Avoiding leaving unsaleable and financially burdensome property to loved ones after I die 12th May 18 at 3:09 PM
    Hi

    I have a leasehold flat which is unsaleable for various reasons.
    I don't really want to post these reasons on a public forum but if someone knowledeable wants to pm me I can go into more detail.
    Basically the lease is breached irremediably through structural alterations. the damage done has left the property vulenrable to further damage so bottom line, if i die and write a will, my poor relatives will be paying out for it for the rest of their lives and it will cause misery for generations.
    I don't want this.
    I can afford to make a simple will for a few hundred pounds but am worried that the complexities will mean that the price of making this will, will be out of my reach.
    If I die intestate, I have been advised by a solicitor that the relatives will get the property (if the mortgage is paid off, whether I like it or not or whether they like it or not)
    Bottom line, I want to avoid leaving a legacy of financial misery and liability to my loved ones.
    As above, willing to go into further detail in a pm to a knowledgeable person.
    I am expecting a phone call from a solicitor on Monday but I cannot stop worrying in the meantime that this situation of not being able to afford a roo-complex will, or dying intestate and leaving my relatives with no choice but to take on the property.
    There are issues like alterations causing vulnerabilitites like dry rot, past waterleaks possibly causing dry rot between storeys, as floors are concrete, voids between floors unventilated and lower flats having false timber ceilings. I can smell a rotten smell in between my skirting board and concrete floor when it rains.
    I spoke to an independent damp surveyor who said the only way I can tell if the downstairs flats have dry rot hiding above the plasterboard in thier ceilings, is to open them up, but the freeholder doesn't want that. so, you can see, how the flat would be unsaleable.
    PS I've had visits by an independent accredited damp surveyor.
    Any help appreciated.
    Last edited by bundance; 12-05-2018 at 3:11 PM.
Page 7
    • bundance
    • By bundance 17th May 18, 5:22 PM
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    bundance
    Here you go then,

    In general law, a beneficiary has the right to
    • renounce a gift made to them under a will,
    • disclaim their interest under an intestacy.

    https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm35161
    Originally posted by parkrunner
    Thanks to you and all who have responded on this thread to reassure me that my living relatives do not have to take the flat whether I die with a will or intestate.
    Much appreciated.
    • bundance
    • By bundance 17th May 18, 7:37 PM
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    bundance
    Thanks for inheritance tax manual, just need a little clarification on some wording pls
    Hi
    Thanks for the inheritance tax manual, i'm just reading it and wondered if I could have some clarification please on the paragraph below.

    "A disclaimer must be unconditional and the beneficiary cannot redirect the interest that is being disclaimed. The disclaimed benefit falls back into residue and follows the devolution of the estate accordingly."
    What does "falls back into residue" mean, please?
    Like for instance, if no one in my family wants the flat what happens to it?
    I know they dont have to have it im just wondering where it would go as someone earlier in this thread said freeholder doesnt have to take it back.
    thanks
    • seven-day-weekend
    • By seven-day-weekend 17th May 18, 7:43 PM
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    seven-day-weekend
    I suppose if no-one wants it, it will go to the Government, like when there are no beneficiaries to an estate.

    I don't know this for sure so don't take it as gospel.
    Member #10 of 2 savers club
    • Norman Castle
    • By Norman Castle 17th May 18, 7:52 PM
    • 6,942 Posts
    • 5,704 Thanks
    Norman Castle
    The disclaimed benefit falls back into residue and follows the devolution of the estate accordingly."
    What does "falls back into residue" mean, please?
    Originally posted by bundance
    I suspect it means the amount rejected remains part of the estate.

    If know one wants the estate its likely to go to the crown.

    Your solicitor may have been unwilling to write your will as she believed your judgement is seriously flawed based on your belief that the flat is a liability. From what you've said on here and presumably to others, the flat is not the liability you believe it is.
    Relax about it and trust others judgement. Its like going to the dentist. Its always a worry but you have to open your mouth and let the dentist do his job. Its never as bad as expected.
    Last edited by Norman Castle; 17-05-2018 at 8:06 PM.
    Don't harass a hippie. You'll get bad karma.

    Never trust a newbie with a rtb tale.
    • bundance
    • By bundance 17th May 18, 9:09 PM
    • 1,034 Posts
    • 349 Thanks
    bundance
    I suspect it means the amount rejected remains part of the estate.

    If know one wants the estate its likely to go to the crown.

    Your solicitor may have been unwilling to write your will as she believed your judgement is seriously flawed based on your belief that the flat is a liability. From what you've said on here and presumably to others, the flat is not the liability you believe it is.
    Relax about it and trust others judgement. Its like going to the dentist. Its always a worry but you have to open your mouth and let the dentist do his job. Its never as bad as expected.
    Originally posted by Norman Castle
    Hi
    I do think its a liability but I have not stateed the reasons why as it would have detracted from the legal question i asked, which has now been asnswered by the government leaflet a kind poster on here led me to.
    There is serious structural damage and other problems, as acknoweldged by professionals. One example, an independent surveyor asked me to get my shower cubicle decommissioned, i wont go into it right now though as its a real worry and i dont want to ruin my or others night.
    • GrumpyDil
    • By GrumpyDil 18th May 18, 6:28 AM
    • 154 Posts
    • 111 Thanks
    GrumpyDil
    Bundance

    Do you have a friend or someone you trust who can talk this through with you. I only ask because it sounds like you are getting yourself into a state over all of this but really need to take a considered look at all of the issues.

    As others have said pretty much anything will sell at auction so the property will have some value.
    • Norman Castle
    • By Norman Castle 18th May 18, 7:26 AM
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    Norman Castle
    One example, an independent surveyor asked me to get my shower cubicle decommissioned,
    Originally posted by bundance
    Shower cubicle can be replaced or resealed very easily. "Decommissioned" showers are often a diy job to stop leaks. Hardly a deal breaker for a flat sale.
    Don't harass a hippie. You'll get bad karma.

    Never trust a newbie with a rtb tale.
    • Robin9
    • By Robin9 18th May 18, 10:01 AM
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    Robin9
    I've been trying to imagine what the type of property you are living in?

    You mention repairs being carried out by the HA. Is the HA the freeholder ?

    Is this a block of flats, a house conversion - how many flats are there? How old is it ?
    Never pay on an estimated bill
    • bundance
    • By bundance 19th May 18, 9:38 PM
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    • 349 Thanks
    bundance
    Bundance

    Do you have a friend or someone you trust who can talk this through with you. I only ask because it sounds like you are getting yourself into a state over all of this but really need to take a considered look at all of the issues.

    As others have said pretty much anything will sell at auction so the property will have some value.
    Originally posted by GrumpyDil
    Hi thanks
    the government inheritance notice reassured me, someone posted it here. thanks
    • bundance
    • By bundance 19th May 18, 9:39 PM
    • 1,034 Posts
    • 349 Thanks
    bundance
    Shower cubicle can be replaced or resealed very easily. "Decommissioned" showers are often a diy job to stop leaks. Hardly a deal breaker for a flat sale.
    Originally posted by Norman Castle
    Hi
    The old owner never sealed it. He tiled straight on top of gypsum, and i read many times that as the grout was broken water has gone straight through the tiles and gypsum and rotted the wall studs, also possibly rotting the sole plate, and soaking the concrete, thus rotting the false ceiling in the flat below.
    • bundance
    • By bundance 19th May 18, 9:40 PM
    • 1,034 Posts
    • 349 Thanks
    bundance
    I've been trying to imagine what the type of property you are living in?

    You mention repairs being carried out by the HA. Is the HA the freeholder ?

    Is this a block of flats, a house conversion - how many flats are there? How old is it ?
    Originally posted by Robin9
    It's 40 yrs old. Block of flats.
    the old owner did a lot of deep structural alterations without consent. HA is freeholder
    • Robin9
    • By Robin9 19th May 18, 10:03 PM
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    Robin9
    The HA might be prepared to buy you out so that it can demolish and rebuild on the site - in which case your flat could be worth something rather than a liability .
    Never pay on an estimated bill
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