It’s natural for you to have questions about what happens to your home after you die, or if you move into long-term residential care, so we want to be upfront with you.
The Co-Own for Over 55s product is only available to you, our customer. That means that in the event of your death or if you are no longer living in the home on a long-term basis the property should be sold. The sale value will be returned to you (or your estate) and Co-Ownership in line the equity share agreed at the outset.
You (or your estate) are responsible for any costs associated with a sale, e.g. estate agents and solicitor fees. If you are not able to complete this yourself, it should be completed by your solicitor or a personal representative which you have nominated.
Leaving the property to a relative /friend in your will
We understand that people may want to leave their home to a relative/ friend after their death, and you can do that with Co-Own for Over 55s.
If your relative/friend wishes to live in the property, they will need to fully buy out Co-Ownership’s share. For more information about this option please click here. Alternatively, they may sell the property and use the funds from the sale to repay Co-Ownership based on the equity shared agreed at the outset. For more information about this option please click here. Unfortunately, we cannot transfer your lease into their name. All communication must be made through your personal representative.
Co-Ownership cannot provide you with any legal or financial advice when it comes to planning for the future. We recommend that when you purchase your new home with Co-Own for Over 55s, you speak to your solicitor about updating your will to reflect your new circumstances.
We have created a ‘Co-Own for Over 55s and the future’ section within our Help & Support area which explains in detail the process to be followed in the event of your death or if you enter long term residential care.