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Nicola-mod
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Category: Law
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I own a Park Home and want to sell it to someone. They can

Customer Question

I own a Park Home and want to sell it to someone. They can only afford to pay £50,000 and it's worth a lot more. We've agreed that they can pay just the £50,000.00 for it provided that it goes back to me when they die. How do we go about doing this?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Have you considered granting a lease for the exclusive use of the property for say 20-30 years - you could then say that it terminates automatically on death? £50,000 would be a set premium for that period and then they would be responsible for all maintenance insurance etc in that period? This would be safer than parting with legal ownership as you would be able to ensure that they maintain it properly. How long are they likely to live i.e are we talking about someone elderly? Kind regards AJ

Customer: replied 1 year ago.

We had thought of something like that. Would the Mobile Homes Act 1983 allow this? Wouldn't the 20 year lease also have to be registered at land registry?

Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
Yes you would have to register it at the land registry potentially. This is fairly straight forward and less complex than creating a life estate in the home.
Is the home fixed to the site and who owns the site?
Kind regards
AJ
Customer: replied 1 year ago.

The home is stationed on a site that I own. Normally under the MHA 83 they don't have an interest in land but security of tenure..

Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
Ultimately you do not want to give him any rights over the land it sits on.
What about a long term licence to occupy and use the home as a holiday residence?
Kind regards
AJ
Customer: replied 1 year ago.

Problem is it's a residential park so we are unable to do that for licensing reasons :(

Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
Other than granting a life estate (which are increasingly rare and I am not sure who would have the expertise to draft one) I am afraid I do not have any more suggestions.
I will opt out and see if any other experts have any other advice.
Kind regards
AJ
Customer: replied 1 year ago.

How about a chattel mortgage?

Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

Yes happy to wait

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can close this question and return your good faith deposit to the original funding source on request.
Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.
I hope you will give JustAnswer a try again in the future,
Nicola
Customer: replied 1 year ago.

Hi Nicola,


 


Please can you keep looking. I've paid for a membership so there is no deposit. My question has been live now for 6 days. This really isn't very good. Please keep looking.


 


 


 

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