Can I decline ownership of a property bequeathed to me in a Will?

[PlanB]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Luckily, here we can "PlanB" it and get wonderfully insightful discussion, in advance, that sees all sorts of new angles, areas to question and ways forward

I'm a cynic and a journalist so something didn't feel quite right about this sad story to me. Why would the company leave the property un-sold for over two years when they own 25% of it themselves, because that would be bad for their own business wouldn't it :confused2:

If the OP's mother purchased the property many years ago it will have gone up in value and the company's 25% stake/equity in the property should have increased making them a nice profit so selling would seem to be the obvious thing to do.

Unless of course there was money to be made out of the £100 per week service charges while not having to actually provide a full service :eek2:

[MissFM]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Quite. I also looked and googled the company and this and that but I couldn't formulate what isn't ringing true...btw there's something else nagging and I can't put my finger on it - atta PB:beagle2222:

[PlanB]

Re: Can I decline ownership of a property bequeathed to me in a Will?

I've found something else which may be of use to the OP. Retirement Security Ltd is a member of the NAEA (the National Association of Estate Agents) which could explain why they like to retain the right to sell the property since the sale would attract agent's commission which would be charged to the deceased :wink:

http://www.naea.co.uk/estate-agent-d...-Ltd-B0083673/

[MissFM]

Re: Can I decline ownership of a property bequeathed to me in a Will?

yes - this is one of the things I found on them http://www.companiesintheuk.co.uk/lt...ement-security which suggests property/investment etc rather than any particular interest/vocation in quality care...

[Inca]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Why has the OP not tried to sell the property in 3 years (or more)? Answer is probably obvious to everyone else but I can't work it out.

[MissFM]

Re: Can I decline ownership of a property bequeathed to me in a Will?

"The real bugbear in this situation is that there's a clause in Mum's contract with this firm which states that only they (the retirement firm) can sell the flat ... this is because they like to vet potential new residents to ensure their 'suitabilty' for living in the flats. So in two years they've apparently had no offers for it. " from OP

Puzzling isn't it? See PB's comments too.

[PlanB]

Re: Can I decline ownership of a property bequeathed to me in a Will?

The real bugbear in this situation is that there's a clause in Mum's contract with this firm which states that only they (the retirement firm) can sell the flat ... this is because they like to vet potential new residents to ensure their 'suitabilty' for living in the flats. So in two years they've apparently had no offers for it.

According to the OP there's a contract which stipulates that only the company is allowed to control the sale of the flat so he can't approach another agent :nono:

[Inca]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Sorry,,was being thick and not reading properly :smash:

[PlanB]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Since Retirement Security is a member of the NAES the OP could make a complaint to them if he feels the company has not handled the sale effectively or in accordance with the NAEA's Code of Conduct. If the OP's late mother or the subsequent estate has lost money as a result, then there may be an opportunity to claim compensation. I would certainly look into all this before abandoning the interitance which could become as asset and not a burden after all

Here's the complaints procedure info http://www.naea.co.uk/complaints/wha...e-a-complaint/

[MissFM]

Re: Can I decline ownership of a property bequeathed to me in a Will?

and also - wouldn't a contract with those particular terms be essentially unfair?

[wales01man]

Re: Can I decline ownership of a property bequeathed to me in a Will?

I was jumped upon when i suggested solicitors are needed now the thread turns to unfair contract terms and complaints to a trade body am i correct in thinking only a legal mind could advice on these or am i wrong again something dont add up ????

[PlanB]

Re: Can I decline ownership of a property bequeathed to me in a Will?

I was jumped upon when i suggested solicitors are needed now the thread turns to unfair contract terms and complaints to a trade body am i correct in thinking only a legal mind could advice on these or am i wrong again something dont add up ????

Plan B would never jump on a man :lol:

The great thing about internet forums is that people from all walks of life (and with their own personal experiences) can contribute ideas on the way forward which the OP can accept or reject. A poster could feel a bit short-changed if we simply said "go and see a solicitor" every time they raised an issue.

[wales01man]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Many men would love to be jumped on by a woman
I strongly agree with your remarks about forum posters but also feel when things get complicated advice from a solicitor may be needed all advice given by others can be helpful i know from replies to my own posts and threads it all can push you in the right direction to solve the problem which is the result the OP in any thread wants.
I suspect some contributors on here maybe more than just your normal layman but dont let on respect to them

[enquirer]

Re: Can I decline ownership of a property bequeathed to me in a Will?

According to the OP there's a contract which stipulates that only the company is allowed to control the sale of the flat so he can't approach another agent

This is a common clause in contracts relating to 'retirement properties'. Another is that the company takes a percentage of the sale price.

These, together with other equally onerous conditions, are why such schemes are to be avoided.

[CYNthesys]

Re: Can I decline ownership of a property bequeathed to me in a Will?

Have a read of this

http://www.dailymail.co.uk/news/arti...-40-years.html