Inheriting a property isn’t like inheriting cash, or gold, or an art collection. All those things involve paperwork; but few things involve as much red tape as inheriting a property.
To prepare you for what’s to come, we spoke to Lilian Lim, Managing Partner and Head of Real Estate Practice at
Circular Law Chambers LLP:
Key things to note when inheriting a property:
- You’re liable for any outstanding costs on the property
- There are legal fees involved
- You may or may not be able to keep the flat you inherit, based on when it was bought
- Existing Tenancy Agreements stay on
- There’s a big difference in inheriting via a will, versus a trust
- There are future restrictions that could arise from inheriting a property
- You’re liable for any outstanding costs on the property
Ms. Lim told us that “
the person inheriting the home would be responsible for all outstanding maintenance fees, property tax and other outgoings in respect of the property including any outstanding housing loans.”...
