Property Costs With Inheritance

[Chasingcars]

My dad and my aunt are set to inherit my grans property when she passes away. 50/50.

It is a retirement flat and as such comes with some considerable costs in maintenance,ground rents etc.

In the event of my grans death and they inherit the flat they plan to sell it but due to the number of flats in complex we think it would  take a while. Would my dad be liable for any costs until it sells ,and if so and he can't afford to pay them how does that work.?

The rest of the estate (money in bank accounts) is divided between 4 grandchildren. He thinks the costs could be taken from this money which I think is incorrect. As beneficiary of the property with that comes any liability too.

Also anyone have experience of selling a McCarthy and Stone flat? How much do they take back on sale and is there an option for them to buy off my dad to save a long and drawn out sale ?

[bednobs]

It will come out of the estate I presume 

[Chasingcars]

I think the issue is my dad doesn't have the money to fund any flat costs until it is sold.

So he could use money in the bank accounts but that is left to other people

[Buenchico]

What McCarthy & Stone would like you to believe:
https://www.mccarthyandstoneresales.co.uk/news/mccarthy-stone-resales-a-great-solution-for-families/

The reality:
https://www.thisismoney.co.uk/money/news/article-10182583/The-retirement-home-scandal-wiping-life-savings.html
and
https://www.theguardian.com/money/2021/mar/28/i-cant-sell-mums-retirement-flat-and-the-charges-are-mounting-up

I suspect that your best option might be to rent the flat out until such time that you can find a buyer for it.  That way you'll have sufficient income to pay any ongoing costs.

[ladybirder]

The money won't have to be paid until the flat sells and then the cost of all the weeks it has been empty will be taken at the same time.

[Buenchico]

^^^ 6 months after probate has gone through though, Council Tax will become payable.  As my links above show, it can take many years to sell a retirement flat, so those Council Tax bills could soon start adding up to quite a large sum. 

It's also worth noting (from my links above) that property management companies still expect maintenance charges to be paid at the usual time and threaten court action if they're not.

That's why I suggested trying to rent the flat out until such time as a purchaser can be found.