Quick question about inheritance

[Marvellous]

I'm wondering if anyone on here can help me with a worry. My granddad told me today that I will get his flat under his will. He lives in a block of sheltered flats so I couldn't live there but would have to sell it. He has to pay charges on it because it's inside a block and they have a warden and a cleaner, and I couldn't afford to pay those charges if it took a while for the flat to be sold. What would happen? I am really worried but don't want to worry him by asking about it.

[MunroMagic]

The charges would be an estate expense and so payable out of the estate by your granddad's executors. They would use any cash / deposits your granddad had to pay the charges until the flat could be sold. If there is no spare cash, I imagine they would write to the management company and inform them that the debt would be settled when probate has been granted and funds are available (when the flat is sold). This is common and would be accepted by the management company. You would not be called on to meet the charges in the short term.

Looking at the estate as a whole, I'm not sure how the charges would be apportioned between you (the recipient of the flat or sale proceeds) and the residuary beneficiaries of your granddad's estate - if these are different people that is. Any discrepancies would be tidied up when the executors distribute the funds at the end of the estate administration.

[whomovedmychocolate]

Actually it does depend on the terms of the lease - my MiL lives in one and in the event of her death the charges are suspending pending sale BUT you have to pay a percentage fee of sale proceeds to be permitted to pass on the lease. It's bloody complicated. The best thing is to ASK the warden.

[DartsAgain]

Actually, the management company may insisit on charges continuing to be met. My cousin is trying to sell her late mother's bungalow, which is part of a small estate managed by a company for people over 60. This company has insisted she continue to pay the service charges, etc, and is causing her a lot of hassle. And the warden is no help whatever and keeps trying to change the contract clauses from what my aunt signed.

Marvellous while I'm not a lawyer I would still recommend you ask your granddad if you can look at exactly what it says in the contract he must have signed that specifies those charges he's paying and how they are to be paid.