Farms to gain added revenue by diversification
Posted on 9th September 2020
Prior to a change in legislation, various restrictions had been in place regarding the ownership of park homes and where that left owners in terms of gifting and inheritance.
When the legislation was amended in 2013 through the Mobile Homes Act 2013, it was specifically outlined that a privately owned park home could now be gifted to a member of the owners family (be that blood relative or in-law) provided that person could prove that they were related as stated by the owner. The gifting process could be invoked through a change in circumstances or merely as a personal choice.
This gave, and continues to deliver, enhanced peace of mind for people when they are searching for a home in later life, or as a downsizing or relocating opportunity. It gives them the flexibility to pass on their home to a family member should the need arise either through personal choice or necessity, such as requiring residential or medical care that no longer allows them to live in their own home.
Park home owners now have considerably more benefits than they did before the act was overhauled however, as with most processes regarding property in the UK, there are legal requirements that must be met and a procedure that must be followed.
Firstly, the difference between gifting and inheriting should be clear. Gifting is the process whereby you are, by personal choice, giving your property to someone whilst you are alive. Inheriting has slightly different connotations and these should be explored with your legal representation at the time of purchase so that the correct requests can be made.
Should you choose to gift your property you are unable to accept any payment for the exchange and neither can the site owner, ultimately meaning that you are giving your home away for free.
Critically, the 26th May 2013 was the date when the new legislation came into being and the process differs for homes bought before that date. Homes bought after that date, so all homes on our new parks, are subject to the more streamlined procedure designed to make the gesture less complicated.
Now that the new process is weighted more towards the homeowner, gifting your park home can be a straightforward process and can bring a number of benefits depending upon personal circumstances.
It is important that you seek legal representation to ensure the process is followed correctly.View our park homes