We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Selling house for nursing home fees

2

Comments

  • mluton
    mluton Posts: 803 Forumite
    Part of the Furniture 500 Posts Name Dropper
    We live in a rented house, where the owner is in a nursing home and the rent is paying for her care costs.
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    DiggerUK wrote: »
    MRY,
    If you change the deeds on the house to a Tenants in Common (TIC) then it will place it outside seizure.

    Wills must be drawn up because unlike a Joint Tenancy (JT) were the surviving JT automatically inherits, TIC's can leave their share to anybody they want.

    C.A.B. will give you free advice.


    http://www.landregistry.gov.uk/ will send you the forms to fill in, we did it ourselves.

    All the best.
    Hold on. I get the impression that Op's father is sole owner. This isn't a situation of a couple owning their respective shares as TIC as far as I can tell.
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    MrsE wrote: »
    The most recent one was in drips & drabs, around (before & after) that time.
    My mother is a bit vulnerable she has had a brain hemorrhage which has left her with mild epilepsy & suffered TIAs (mini-stokes) since.
    Shes not really sharp enough to deal with my sister (IYKWIM), do you think that would be taken into account?
    I think I know what you mean. Shouldn't a LPA be drawn up pronto and your sister definitely NOT be an attorney?
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    MRY,
    Sloughflint asks a pertinent question.
    As sole owner there is no reason why the deeds can't be changed to a TIC with whoever your father wants to.
    He could enter into a TIC with anybody, not just family members.

    Regards.
  • MrsE_2
    MrsE_2 Posts: 24,162 Forumite
    10,000 Posts Combo Breaker
    I think I know what you mean. Shouldn't a LPA be drawn up pronto and your sister definitely NOT be an attorney?

    We have stopped all cards (debit & credit) except one & older sister (or I) have it.
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    edited 15 April 2009 pm30 3:11PM
    DiggerUK wrote: »
    MRY,
    Sloughflint asks a pertinent question.
    As sole owner there is no reason why the deeds can't be changed to a TIC with whoever your father wants to.
    He could enter into a TIC with anybody, not just family members.

    Regards.
    He could but I would be concerned about his safety whilst he has an interest in living in the property ( divorce, bankruptcy, death of co-owner).
    Also wouldn't the share no longer belonging to him still constitute a gift?
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    edited 16 April 2009 am30 6:32AM
    MrsE wrote: »
    We have stopped all cards (debit & credit) except one & older sister (or I) have it.

    LPAs can only be signed whilst a person is of sound mind. Worth bearing in mind in case things deteriorate in general?
  • MrsE_2
    MrsE_2 Posts: 24,162 Forumite
    10,000 Posts Combo Breaker
    LPA's can only be signed whilst a person is of sound mind. Worth bearing in mind in case things deteriorate in general?

    They might well be at the borderline stage already.

    I don't think we need to do one?

    Little sis has had everything & we (older sis & I) keep her away from current account where pension is paid into.
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 15 April 2009 pm30 3:32PM
    MRY,
    I don't know the answer to sloughflint's question in post #17. If it is classed as a gift I would see it as reducing over time. (7 years?)
    The share of the TIC would then pass to the estate of the other TIC.
    In our case we have each willed our share of TIC equally to our children, with conditions that OH has exclusive occupancy rights.
    As we did all this some time back, get up to date information.
    The wealthy had been using TIC to avoid IHT on property for years, that's because the property is seen as unmarketable and of no value.

    This link gives a bit more info.
    http://!!!!!!!!!!!!!!!!!!.co.uk/care_fees_mitigation.htm

    I don't know anything about this firm. Not spamming.
    Go to C.A.B. and ask them.

    Hope this helps.
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 15 April 2009 pm30 3:35PM
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.