To not want this inheritance if it lands me in debt?

[Kenclucky]

Bit confused about this -

DM bought a leasehold flat in one of those semi-managed blocks with a warden, communal gardens etc. She's getting on a lot now and told me today that the flat is left to me in her will - but that that means the communal fees and mortgage would need to be paid until the property sells.

I don't think there's any mortgage on it, or if there is its only small. But the communal / service fees are really high - about 1k per month.

Now me and DM sadly don't get on well at all which is a bit by the by, but basically I wasn't expecting to be left anything and really don't want anything from her. Those types of flats in those blocks seem to take forever to sell - her one was on the market over a year before she bought it and there are at least 3 others for sale in there. So I'm pretty worried I could end up saddled with this thing and having to pay 1k+ a month which I really can't afford for an unknown length of time.

She says she's put me as Executor on her will, which makes me liable for all payments. And also if I become the owner of the property I'm liable anyway.

I could refuse the inheritance- but looking at Google it sounds like that would make it pass to the next in line, which is my children and would be in their late teens / early twenties so obviously I would never saddle them with it either. There is nobody else, she has no other family.

Are we basically stuck with her ongoing payments eventually, one way or another? And AIBU that is a rubbish system if so to be forced to pick up the pieces for something you don't even want...

It really is a scandal and it needs to be regulated because when the flat is empty you aren’t even getting the services you are paying extortionate amounts for (wardens, food, social stuff, access to a visitor flat etc). Good luck OP and it’s good you’re looking into it now.

If it is left to you the you won’t inherit a debt. Any charges will be against the estate. They may well be paused whilst the flat is unoccupied and sold. You will inherit the residue (if any) once any other debts have been paid.

I wonder if it would be better if Mum rewrote her will to say on her death the property is to be sold and the money realised plus all other cash in the residual estate is yours.

That way the Estate is liable for all fees, not you.
It would also help if Mum had enough cash in her accounts to cover fees for several months after her death.

East in legal, but my understanding is that executors pay for expenses out of the estate of the deceased person. So, in your case, you could probably market the flat immediately (for sale or rent) to cover any costs prior to grant of probate. You can also do a deed of variation after she dies.

Same difference. As executor she can arrange this, but still needs to borrow from the bank to pay the estate’s expenses until sold.

I could refuse the inheritance- but looking at Google it sounds like that would make it pass to the next in line, which is my children and would be in their late teens / early twenties so obviously I would never saddle them with it either. There is nobody else, she has no other family.

Your kids can disclaim an inheritance if they want, just like you can. You can't be forced to take something just because it was willed to you, even if you are the last relative after it's gone through everyone else.

Everything has a price at which it will sell quickly. Put it on 20% below market value and someone will snap it up.

I don't disagree but I would like to phrase it a little differently-
'every asset has a price at which it will sell quickly'
-and the flats in question are starting to sound as if they are liabilities rather than assets!

Ours is not shared ownership, just in an elderly retirement block with managed services

Properties only take ages to sell if the price isn't right.

The problem is even when someone can afford the price they have to be approved by tbe management co and have to be able to afford the service - dropping the price only helps a bit.

You just need to check with them now if management fees can be paid from sale of property and when the time comes sell it cheaply to get the sale made.

It is a scandal and it does annoy me on here when people are saying that old people should downsize to one of those retirement flats.

I've been thinking of selling my house and buying a retirement flat or % ownership for a long time .Now I am reading this thread I am having second thoughts.

Is it true the government are looking at these leasehold properties and if so what changes do they think they can make

These properties are legally only for people over a certain age so you have a limited number of potential buyers, too.
DM lived in one of these places for the last year of her life. A horrible pee-stinking ghetto of loneliness behind closed doors and the dread approach of physical and mental incapacity.
Manicured lawns and coffee mornings do nothing to hide the fact that they’re bleeding the “owners” to death. And why do they insist on selling, not renting, when the turnover is so fast? Could it be to further line the pockets of their solicitors??

OP, cut your losses ASAP and move on.

Get some legal advice on how her will should be structured. It might be possible to stipulate that the property is to be sold and the proceeds distributed to you, rather than you personally ever actually owning it. That way you are never personally liable and any fees come out of the estate.

Speak to a solicitor but afaik any debt would be deducted from your mum’s estate after the flat sells and not from your money.

The estate (not next of kin/executors) pays for any outstanding debt - including service charges for proper between death and a grant of probate.
Once assets are liquidated (that it, bank accounts closed and property sold) then the estate pays creditors in a particular order. Once all creditors (e.g. energy bills, landlords, service fees on a flat) are paid then any beneficiaries can be paid.
In short, you cannot inherit debt. If, when your mother dies, the debts owed are more than the value of the estate then it's tough titties creditors. (It's more complex in reality with a partial order in which debts must be paid and beneficiaries paid etc.)

Tl;dr Don't worry about inheriting any debts - it can't happen and ongoing costs are - in the grand scheme - a minor issue. If there's not enough money in the estate to settle bills then 🤷‍♀️🤷‍♀️🤷‍♀️. You're not liable for a penny

They have no contract with you so I don't see how they can make you pay monthly, surely they'd have to wait for it to sell and deduct fees then

You won't be expected pay until you have completed probate and have access to funds in the estate.

Oh god, my future is on one of these places as I have no family. A pee stinking ghetto of loneliness sounds like a great way to spend my final years.

You wont be personal liable for the fees! Out of your money, that you will have to pay before it sells

I think that is only one perspective on such accommodation, please don't worry!

My Dad lived in a block like this for about five years - there were several flats in the development that were for sale, and remained so for months. His flat sold incredibly quickly after his death.
the deciding factor in choosing the one he did? the bathroom had been converted and had one of those walk in baths designed for less mobile people.