I live with my dad, some long term questions?

paul5046

Hi,

My dad is 74 and we share a house. Its his with no mortgage. We have spoken about me buying it, at the moment he is leaving it to me and my brothers with a stipulation that i can live there as long as i want. If i move the money is split equally.

1. If he has to go in a home, could the council kick me out and force him to sell it. Its worth 150k.
2. If he sold me it cheap, say 100k, then had to go into care, could they say he has done it deliberately (he wont have btw)


We get on, and trust each other, so its not a scam. We just want whats fair. He is also in good health. Its just i've got to a stage of thinking about my future.

not_loaded

From what I know with my mother not long ago going in to a home, essentially the fees must be paid. Local authorities will pay fees if there’s a property to sell, then, when it is sold the ‘loan’ has to be paid out of the proceeds. They call it a lien I believe.

I have a feeling that if you live there, nobody can insist the property is sold, so I suppose that you could theoretically reach nil value on the property if he was in care long enough with no other means of paying the fees.

When a person’s funds are used up, the authority afaik has to stump up for care fees. I’m no expert on these matters. Maybe someone else with better knowledge will be along soon.

McKneff

so if you bought the house for say £100K what do your siblings end up with.

DesG

McKneff wrote: »

so if you bought the house for say £100K what do your siblings end up with.

50 grand each?

Cheers, Des.

michaelkav36

well put des!

mgardner

I think it depends on how long u have lived with Dad and if u have anything in writing.
i.e. a legal agreement. I would advise u to go to a solicitor and ask for the 1/2 hour free advice

best wishe smary

paul5046

Maybe its best if i bought it off him, although its slightly daft buying something i will inherit anyway, then getting a share back.

On one hand i suppose if you need care, you should pay for it, but its such a disincentive to save. There was a period of 15 years when he worked his !!!!! off to pay the mortgage, yet someone with no assets get it free.

McKneff

eh,

So you buy the house for £100K (thereby getting your £50K)
Your siblings get £50K each
So thats £150K but what does dad get out of this.

If he had to go into a home i think they would look on it as deprivation of assets
to avoid paying for care home fees and would treat him as if he still owned assets of £150K so i think you would be better taking legal advice before doing anything.

McKneff

There was a period of 15 years when he worked his !!!!! off to pay the mortgage, yet someone with no assets get it free.

Thats life, I'm afraid. But consider this, ask you dad would he change anything, i think he wouldnt do anything any different, he has self respect you see, you can tell that from the first part of the sentence above. And good for him. He's taken responsibility for himself and not expecting other people to subsidise him. I wish him the best and hope he lives till he's 111 and dies in his own bed. (and i mean that in the nicest possible way)

snodgrass

I am certainly no expert on this matter,but is your name on the house deeds.If not,see if you can get them changed to joint,tenant in common etc.Not much help i know,but that is what i have done with my mother who is 65,who i have lived with now for the past 5 years,since the death of my father.

paul5046

snodgrass wrote: »

I am certainly no expert on this matter,but is your name on the house deeds.If not,see if you can get them changed to joint,tenant in common etc.Not much help i know,but that is what i have done with my mother who is 65,who i have lived with now for the past 5 years,since the death of my father.

My name is not on the deeds, not really sure how this would help though.