When you buy a park home or property, it is understandable that you will want to keep hold of it! Once you have bought a park home, it is yours to keep. Of course, you should always read all terms and conditions before you sign a contract to ensure you understand what park owners expect of you.
But what happens when you pass away? A park home is a wonderful investment. Therefore, you may want to pass it onto your next of kin as an asset when you’re gone. Many people choose to do this.
The short answer is that, yes, you can pass a park home on in a will. However, it is important to look closely at the rules involved. The government has a full guide on what you can and can’t do with a park home should you choose to sell or give it away.
In this guide, we will take you through everything you need to know about passing on park property. It is up to you what you do with a park home! You can choose to sell it on, or you can choose to leave it to loved ones. Read our full guide below for the lowdown and find out more.
Understanding Succession and Inheritance
Before you start drawing up your will to include your park home, you must understand the rules of inheritance. Inheritance, and succession, refer to what happens to your assets after you pass away. The government has clear guidelines on what you can expect when drawing up a will. It is, of course, also a good idea to speak to a solicitor if you are in any doubt.
Inheritance laws exist to protect the rights of those related to you. When you pass away, if you have a spouse, partner or family member who lived with you, ownership of your park home will pass to them. Park home agreements can vary, but you will normally find this condition regardless of where you move to.
Widows and widowers of park homeowners will be given priority if their spouse passes. This means other family members may only get consideration if they were living with the owner at the time of their death.
What if No One Lives with Me?
If you do not live with a spouse or family member at the time of your passing, an executor will turn to your will. Your will must clearly state who you would like to take over your park home. As with any other assets you give away after your death, you must ensure your solicitor takes this down as a legally binding alteration.
This way, after your passing, there will be no doubt as to whom you wanted to take over your property. Being clear and concise in your will could save a lot of disagreements years down the line. In any case, there is no dispute if a spouse, partner or family member legally lived with you at your time of passing. Your home automatically transfers to them.
Getting the Park’s Permission
However, it is worth remembering that the park’s owners will still have a say. After all, while you owned the home, they still own the land! Therefore, if there is a claim on your park property after your passing, claimants will need to contact the park managers. This, according to the government, is legal process.
But why is this? Essentially, it is to do with both the park owner having claim over the land, as well as the terms they set for you while you were living there.
For example, if your park home is in a gated community for residents over the age of 50, younger claimants will not be able to take it over. Handing over your park home to someone who hasn’t lived with you is, ultimately, down to the park owner’s discretion.
However, it is also worthwhile knowing that no park owners have the right to remove a park home if an owner passes away. This means, while they don’t have to approve of new owners, they can’t legally remove your property.
What Rights Will the New Owners Have?
If your park’s owners are happy to allow claimants to take over your home, they will also inherit your agreement. This means, whether the new owner is your spouse or a family member, they will need to agree to your home contract. As you already know, the agreement you sign with a park is legally binding. Therefore, new owners will need to agree to these terms.
This also means that new owners can choose to sell the park, as they are legally allowed to do so. This agreement is in line with the Mobile Homes Act. This act of law protects park owners and property buyers across all sales and negotiations.
What Responsibilities Will the New Owners Have?
Along with rights, new owners of your home will also inherit your responsibilities! They will need to make sure they look after your home and pay all fees and costs. If your next of kin takes over your home, it is important that they understand what park owners expect of them.
Selling a Park Home After Inheriting It
As mentioned, new homeowners can legally sell a property they inherit from you. Providing they agree to the terms set by the park, and that the park owners give consent, your rights become their rights once you pass away.
Not all people wish to inherit park property. Park homes are wonderful assets, but they do require attention and upkeep. Therefore, many people who inherit homes through wills choose to sell them on. Some people don’t like the idea of park rules, regulations and fees!
In some cases, park owners may ask for commission if a property goes up for sale. However, this rule doesn’t apply if the home in question was inherited through a will. This is because, technically, no money exchange took place.
Additionally, anyone inheriting your park home will need consent from the park owner if they want to pass it on. In some cases, inheritors may find that there is someone more suitable who would benefit from your property. To do this, they will need to make sure park owners agree. It’s a similar process when a non-habiting family member takes over.
What Happens if No One Takes Over the Property?
If your successors can’t take over your property, the park home can go to sale. However, it is a good idea to consult your solicitor in terms of this possibility. If you do not have living next of kin who can legally take over your home, a legal professional will help you find a suitable route to take.
In some cases, park homes can sell on if no one inherits them. In most cases, however, if spouses or family members stand to inherit, they will pass over. The process is likely a lot less complicated than you might think!
Other Legal Details
Park homes are, in the eyes of the law, assets. All wills are legal documents which detail who receives which of your assets once you pass away. You have final say over who receives what! However, there are still a few legal matters you need to be aware of before your will becomes law.
It’s a good idea to discuss any will concerns you may have with a solicitor. Legally, you can start drawing up a will on your own. However, a solicitor will help to ensure what you write is binding. They will witness your signature, and this will help to reduce administration and hassle when you pass away.
If you would like your spouse or family to take on your park home when you die, it is important to express this to a solicitor. They will help you understand who can legally take over your home, and what will happen if no one can.
More Information
In some cases, it may be better for you to sell your park home than to leave it in your will. Providing your agreement allows you to, you could choose to sell your home and leave the sale profits in your will instead. However, inheritance tax may apply to sums of money, which is why many people choose to gift their homes. Once again, make sure you contact a solicitor to learn more.
Here at SellMyGroup, we want to give you all the advice you need on park ownership and sales. If you own a park home and are worried about what will happen to it when you die, don’t be! Please read our guide on your rights when selling a park home for more details.
Otherwise, rest easy in the knowledge that your park home is your asset. If you choose to leave it in your will, you can. Your park operator may need to offer some consents, but they will never take your property away from those who have claim to it.