You are here

2.4.10 Deceased Estates

Document

2.4.10.1  Joint Tenancy Security. A deceased's property interest under a joint tenancy does not form part of an estate.  There is no transfer as such in these circumstances as the survivor automatically becomes the sole owner upon registration of a Notice of Death/Survivorship Application on the Title.  All obligations in respect of the property fall on the surviving joint tenant.  In these circumstances the existing file number is retained.

2.4.10.2  Single Tenancy Security.  When the qualifying person dies, the current loan will continue to be subsidised provided the property remains in the name of the estate in which case the existing file number is retained, or is transferred to a beneficiary of the estate who is a surviving spouse or de facto partner.   The transfer action may result from the widow/widower applying for a Transfer C of E under S22 or an Initial Advance C of E for a purpose or combination of purposes listed in S18(2).

In the case where the property is transferred to the surviving spouse or de facto partner and the C of E is issued under S22, the existing file number is retained.  However,  if that surviving spouse or de facto partner subsequently applies for a Further Advance under the portability arrangements, , the previous account should not be linked to the Further Advance application because the term of a Further Advance in these circumstances is 25 years based upon the definition of 'prescribed period' in Ss36(4) (which does not include any term used following a transfer under S22).

In the case where the property is transferred to the surviving spouse or de facto partner as a result of a C of E being issued for purposes listed in S18(2), eg to re-finance the late husband's loan and to repair/renovate, a new file number is to be allocated in order to keep track of the new loan.