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    • Star81
    • By Star81 10th Jun 17, 10:04 PM
    • 2Posts
    • 0Thanks
    Star81
    Options for selling house
    • #1
    • 10th Jun 17, 10:04 PM
    Options for selling house 10th Jun 17 at 10:04 PM
    Hello! My husband and I owe around £20,000 left on our mortgage but we are hoping to move house when it's paid off. We are confused about our options, we don't know if it's better to rent a property, whilst either renting our current house or sell it completely. If we sold our house would we be eligible for going on the Council housing lists? We are also concerned about the proposed Dementia tax and what this means for our future. We are in our mid 50s.
Page 1
    • -taff
    • By -taff 10th Jun 17, 10:13 PM
    • 7,120 Posts
    • 4,521 Thanks
    -taff
    • #2
    • 10th Jun 17, 10:13 PM
    • #2
    • 10th Jun 17, 10:13 PM
    You wouldn't be eligible for council housing because you've made yourself intentionally homeless.
    • Cheeky_Monkey
    • By Cheeky_Monkey 10th Jun 17, 11:06 PM
    • 1,098 Posts
    • 2,023 Thanks
    Cheeky_Monkey
    • #3
    • 10th Jun 17, 11:06 PM
    • #3
    • 10th Jun 17, 11:06 PM
    Not to mention all the money they'd have sitting in the bank from the house sale!
    • Red-Squirrel
    • By Red-Squirrel 10th Jun 17, 11:29 PM
    • 1,166 Posts
    • 2,801 Thanks
    Red-Squirrel
    • #4
    • 10th Jun 17, 11:29 PM
    • #4
    • 10th Jun 17, 11:29 PM
    If you want to move house, the usual thing is to sell the one you have and use the money to buy a new one. Is there any reason why you aren't considering this?
    • G_M
    • By G_M 10th Jun 17, 11:39 PM
    • 39,590 Posts
    • 45,083 Thanks
    G_M
    • #5
    • 10th Jun 17, 11:39 PM
    • #5
    • 10th Jun 17, 11:39 PM
    and if you're worried about your old age, savings, care costs etc, then you need specialist advice from a financial planner.
    • Cakeguts
    • By Cakeguts 10th Jun 17, 11:45 PM
    • 2,413 Posts
    • 3,026 Thanks
    Cakeguts
    • #6
    • 10th Jun 17, 11:45 PM
    • #6
    • 10th Jun 17, 11:45 PM
    By dementia tax do you mean that the last thing you will have left to spend your money on will be your care. Basically this money is no good to you when you are dead.
    • Caroline_a
    • By Caroline_a 11th Jun 17, 10:25 AM
    • 3,830 Posts
    • 10,546 Thanks
    Caroline_a
    • #7
    • 11th Jun 17, 10:25 AM
    • #7
    • 11th Jun 17, 10:25 AM
    No idea why there's all this knee-jerk reaction about the so-called dementia tax. If you go in a home now, once your money runs out your house will be sold to pay for it. As far as I can see (although I understand this particular bit of proposed legislation has been dropped), the only change is that people will be left with more money than now from deceased relatives.
    • t0rt0ise
    • By t0rt0ise 11th Jun 17, 10:32 AM
    • 2,876 Posts
    • 1,753 Thanks
    t0rt0ise
    • #8
    • 11th Jun 17, 10:32 AM
    • #8
    • 11th Jun 17, 10:32 AM
    No idea why there's all this knee-jerk reaction about the so-called dementia tax. If you go in a home now, once your money runs out your house will be sold to pay for it. As far as I can see (although I understand this particular bit of proposed legislation has been dropped), the only change is that people will be left with more money than now from deceased relatives.
    Originally posted by Caroline_a
    The difference with what happens now and what the tories are proposing is that those who have care provided in their own homes will also have to use the money from their house to pay for their care. At the moment it is only the couple of hundred thousand who go into residential care affected, with this proposal it will also affect the 5 or so million who stay at home.

    I don't offer an opinion on whether it's a good or bad thing, I just wish that people wouldn't say there is no difference from what happens now and this proposal when there clearly is.
    • Tiners
    • By Tiners 11th Jun 17, 10:35 AM
    • 100 Posts
    • 114 Thanks
    Tiners
    • #9
    • 11th Jun 17, 10:35 AM
    • #9
    • 11th Jun 17, 10:35 AM
    If you want to move house, the usual thing is to sell the one you have and use the money to buy a new one. Is there any reason why you aren't considering this?
    Originally posted by Red-Squirrel

    Get with the programme... selling your existing house to pay for your next one?... What a ludicrous notion! That's so 20th century!

    It's all about house hoarding now and looking at every means possible, no matter how inconvenient and impractical, to hold on to your existing house AND buy your next one.
    • AdrianC
    • By AdrianC 11th Jun 17, 10:44 AM
    • 14,342 Posts
    • 12,687 Thanks
    AdrianC
    We are also concerned about the proposed Dementia tax and what this means for our future.
    Originally posted by Star81
    IF - and it's a big if, in case you've missed the news for the last couple of days - it happens, it'll actually mean the beneficiaries of your will would be left with much more of the value of your house if you need residential care, and would merely have your owned home taken into account with your other assets (including rental properties or large bank balances) if you needed care in your own home.
    • myslef
    • By myslef 11th Jun 17, 11:36 AM
    • 17 Posts
    • 1 Thanks
    myslef
    You can always rent your property if it is suitbale in your situation and eventually pay the mortgage back on rented money.
    worldinteriors.co.uk
    • AdrianC
    • By AdrianC 11th Jun 17, 11:57 AM
    • 14,342 Posts
    • 12,687 Thanks
    AdrianC
    The difference with what happens now and what the tories are proposing is that those who have care provided in their own homes will also have to use the money from their house to pay for their care. At the moment it is only the couple of hundred thousand who go into residential care affected, with this proposal it will also affect the 5 or so million who stay at home.

    I don't offer an opinion on whether it's a good or bad thing, I just wish that people wouldn't say there is no difference from what happens now and this proposal when there clearly is.
    Originally posted by t0rt0ise
    You forgot the other changes. The cap for those in residential care is/was suggested to go from c.£20k to £100k, and then there was the "u-turn" of a lifetime cap.

    The net result would be that many of both those with and without their own homes would end up being much more expensive overall for local authorities, to the benefit of those who inherit the residue of their estates.

    Again, no comment on whether that's positive or negative...
    • Mojisola
    • By Mojisola 11th Jun 17, 12:06 PM
    • 27,596 Posts
    • 70,073 Thanks
    Mojisola
    We are in our mid 50s.
    Originally posted by Star81
    So are likely to live for another 30 or so years.

    Plan ahead, for sure, but don't give up on having a life yet!
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