Selling my Co-Own for Over 55s home after I die

As only our customer can live in the property, when you die the property will need to be sold, or your estate would need to buy out Co-Ownership’s share in the property using available funds.

The person dealing with your estate should request an equity valuation from Co-Ownership which confirms the amount required to buy Co-Ownership’s share. This amount is based on either the sale price of the property or its market value as established by our external valuer – whichever is greater. If a sale price is greater than the market value, the amount due to Co-Ownership will be based on the sale price.

Example: An apartment which was purchased through Co-Own for Over 55s has been sale agreed for £155,000. It was originally purchased by the owner on a 50:50 spilt, which means that the amount due to Co-Ownership on completion of the sale is £77,500 plus any outstanding rent.

The remaining sale proceeds of approximately £77,500 less any solicitor, estate agent and associated costs would be returned to your estate.

Your estate is responsible for any costs associated with the purchase of the Co-Ownership share e.g. solicitor fees.

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.