What happens when a shared ownership customer passes away
When a Shared Owner passes away
We understand this is a difficult time and we wish to support where we can. However Futures Housing Group is unable to provide any legal advice around ownership of property, the estate and any legal or financial implications when someone passes away. You may wish to seek legal advice in this regard. There is also some information on the Government website that may be of help; What to do when someone dies: step by step - GOV.UK and Update property records when someone dies: Update property records when someone dies - GOV.UK
We have outlined below the information we will need to be able to update our records.
If the property is solely owned
The property does not automatically pass to anyone else. It will be transferred to the deceased owner’s beneficiaries named in their Will. If the deceased owner does not have a Will it will be transferred under the intestacy rules.
If the property is jointly owned
There are two scenarios to consider based on the type of joint ownership:-
Joint Tenants: In this case, the survivorship rule applies, meaning the property automatically passes to the surviving owner(s). Please email Resales@futureshg.co.uk with the following information:-
- Name(s) of the current leaseholder(s)
- Full property address
- Percentage share currently owned
- Death Certificate
- Name of person ownership is transferring to
You will also need to update the Land Registry legal ownership Title.
Tenants in Common: In this case, the property doesn’t automatically pass to the surviving owner(s). Instead, it will be transferred to the deceased owner’s beneficiaries named in their Will. If the deceased owner does not have a Will it will be transferred under the intestacy rules.
To proceed with the transfer, an Executor or Administrator should be appointed, and a solicitor can assist in completing the necessary documentation
Please email Resales@futureshg.co.uk with the following information:-
- Name(s) of the current leaseholder(s)
- Full property address
- Percentage share currently owned
- Death Certificate
- Certificate of Probate or Letters of Administration
- Will
What happens if the account is in arrears?
Arrears, if any, must be settled by the Estate of the deceased shared owner. If the property is to be sold, the arrears need to be cleared before the completion of the sale.
The sale of the property.
If the beneficiary decides to sell the property, they must comply with the provisions in the lease. There may be provisions within the lease that give Futures the right to nominate a buyer during a set period of time. – Please refer to the lease. If no nomination rights within the lease, the beneficiary can sell the property on the open market. Please keep us informed of your intentions.
