Housing association property

[fataroundthemiddle]

Can anyone help.Don't quite know where I stand on this one...
The property is a house partly owned by my father.He's been in the house for many years now, has bought a quarter share and over the years has done lots to the property.Example roof,guttering,damp proof as well as decorated and the garden complete with greenhouse,He was living in it so he looked after it.Now he's getting on he's written a will leaving me,his only child, the house. The solicitor who helped write up the will said yes that's fine. I have looked into it both on the internet and by contacting the HA. Doesn't seem I have the requirements to be able to have the property. The money invested in the property is nothing really,the value is more in the property itself as a home.So..
The HA said that to come into possession of dad's share of the money,the house needs to be sold My question is..could I buy it just to get the HA off the scene.?And then I wouldn't need to fit in with their requirements.Help anyone???

I don't know the conditions that might be imposed by the HA but in principle is they are saying it could be sold on the open market then there shouldn't be any reason why you can't buy them out of their share for 3/4 or the cost. However, lots of these HA part ownership properties have a requirement that they are sold back to the HA if you want to leave with a speciation as to the calculation of the value. If your father is still alive and in the property and you want to do so it might be worth him buying out the remaining 75% from the HA with a private 'loan' from you registered as a legal charge.

Does he have the right to increase his ownership %? The original paperwork should indicate it and what happens when he no longer requires the property. There may be a limit or no Right to Buy to keep it as social housing.

Thank you so far.Yes he's still alive but eldery. Would it be credible for him to buy the rest at his age or would the HA smell a rat?

Doesn't seem I have the requirements to be able to have the property.

If you don’t meet the eligibility requirements for a shared ownership property (e.g. income too high / low, own another property already) then the HA won’t allow you to either buy the property or inherit the lease. Your dad would need to own 100% of the property for the HA to have no interest remaining in what happens to it and who lives there.

Is it a shared ownership property. Most don’t allow stair casing to full ownership.

Contesse: that is just what I imagined.Thank you

@fataroundthemiddle

Thank you so far.Yes he's still alive but eldery. Would it be credible for him to buy the rest at his age or would the HA smell a rat?

I’m unsure what you mean by “smell a rat”. The HA isn’t out to prevent owners from staircasing their ownership to 100% if they want to - indeed, it’s encouraged. But assuming your dad doesn’t have cash in the bank to buy the three quarters of the property he doesn’t own, he’d need a mortgage, which he’s extremely unlikely to get if he’s elderly.

I get what you're saying. I assume you could gift your dad the money. I have no idea how shared ownership works, but if otherwise your dad would be able to fully purchase the property I see no reason why he can't do so with your help... providing he has all his faculties

OP you need to see a copy of the lease which your father should have or if not I am sure he would have the right to request a copy. This will explain about inheriting the house. Don't help him buy the whole house as this will cause problems if he needs care. If the housing association won't let you take over the lease, then they will have to buy you out of your inherited share. They cannot just pocket the money if it is shared ownership property!

@starpatch, good shout. I didn't consider the implications should care be needed at any point.

The HA could request that your father's portion of for SO property is sold when he dies if you don't meet the requirements. If he has the money to staircase up to 100% then he could fo that and leave the whole property to you.

Thank you all for your comments