Bit of a question to ask as it may be that some of you have been in the same position. Bit of background - my Mother and a chap have been friends for the best part of 40 years. They were partners many years ago but for the last 20 years have had a love / hate friendship thing going on. He's always been very good to my sister and I, lending dosh when needed for small loans and generally driving me about etc. He's been an Uncle to me in many ways as I see virtually none of my other family. This chap was diagnosed with bowell cancer a couple of years ago and became more ill recently. It seems it may have spread to his kidney and he is now scheduled for chemo.
Aaaanway, he owns his own house although it is a bit of a wreck as he's the untidiest man I've ever known. He's tantamount to a hoarder before they start stacking the boxes up - junk everywhere. He has 2 older brothers in their late 70's and they both urged him to make a will when he was in hospital lately. So, it's been whispered that he may leave the house to me and I don't think anyone would complain. Both brothers and my sister have said they are not interested. The house is a mid terrrace 3 bedroom, living room, kitchen and bathroom jobbie - nothing too fancy in a not too bad part of SE London. I believe it would be worth 175 to 195 grand if it was liveable, but it needs a new kitchen, new bathroom, double glazing, plastering/carpets/decorating throughout and possibly some plumbing work. Basically about 15-20 grands worth of work I would have thought off the top of my head.
My question is - what would be the process and what bills/taxes would I be liable for if he does leave the house to me (God willing, it will be a few years yet but you never know). I have no idea as I've never bought a house or been left anything and my life insurance has always been part of work contracts. I'd ideally like to keep the house or do it up and rent or even sell it on, but I'm skint after doing low paid temping work for the last three years and actually unemployed atm after just finishing a contract. I think that any money spent on it will more then be made back in the selling price or if I manage to get a loan or mortgage the rental income should cover the repayments.
Aaaanway, he owns his own house although it is a bit of a wreck as he's the untidiest man I've ever known. He's tantamount to a hoarder before they start stacking the boxes up - junk everywhere. He has 2 older brothers in their late 70's and they both urged him to make a will when he was in hospital lately. So, it's been whispered that he may leave the house to me and I don't think anyone would complain. Both brothers and my sister have said they are not interested. The house is a mid terrrace 3 bedroom, living room, kitchen and bathroom jobbie - nothing too fancy in a not too bad part of SE London. I believe it would be worth 175 to 195 grand if it was liveable, but it needs a new kitchen, new bathroom, double glazing, plastering/carpets/decorating throughout and possibly some plumbing work. Basically about 15-20 grands worth of work I would have thought off the top of my head.
My question is - what would be the process and what bills/taxes would I be liable for if he does leave the house to me (God willing, it will be a few years yet but you never know). I have no idea as I've never bought a house or been left anything and my life insurance has always been part of work contracts. I'd ideally like to keep the house or do it up and rent or even sell it on, but I'm skint after doing low paid temping work for the last three years and actually unemployed atm after just finishing a contract. I think that any money spent on it will more then be made back in the selling price or if I manage to get a loan or mortgage the rental income should cover the repayments.
