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Selling but remaining question.

extreme_2
Posts: 5 Forumite
Hi All
I own my fathers house outright, (he still lives there and is in his eighties)
I am looking to sell his house to free up cash, but i would like him to remain there for the rest of his days.
I have heard that there are companies that buy houses in advance but allow the occupiers to stay on.
Has anyone had any experiences of this?. Also can anybody give me advice and possibly point me in the right direction?
Thanks
I own my fathers house outright, (he still lives there and is in his eighties)
I am looking to sell his house to free up cash, but i would like him to remain there for the rest of his days.
I have heard that there are companies that buy houses in advance but allow the occupiers to stay on.
Has anyone had any experiences of this?. Also can anybody give me advice and possibly point me in the right direction?
Thanks
0
Comments
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I think that the answers I would be happy with are dependent on the exact arrangement between you and your father. How did you come by the house and under why is he living in your house?
Other than that, I don't think most companies buying for cash are suitable. They undervalue substantially and the security of tenure is often just 6 months.
Why do you need the cash? Is it to buy another home for yourself?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Thanks for the reply.
I bought my fathers house from him and paid the mortgage off. At the time I had my own business and it wasn't a problem. I would like to clear my own mortgage with the cash I free up as I don't have my own business any longer (credit crunch victim) and I am finding my mortgage payments are making thing tight for my family.
I have spoken to my father and he is fine with the proposed arrangement as long as he can stay in situ until he passes on.
Thanks0 -
This is a hard one. Your assets easily outstrip your debts, but your income does not cover the debts. Rightly, I think, you are taking a look at what to do with the house where father lives, but I think your only options are
- Sell and Rent back
- Equity Release
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
DVardysShadow wrote: »This is a hard one. Your assets easily outstrip your debts, but your income does not cover the debts. Rightly, I think, you are taking a look at what to do with the house where father lives, but I think your only options are
- Sell and Rent back
- Equity Release
I know, Its a tough one. A bit of a dilemma. Yes he does, but I am reluctant to go down that route really. I would rather sell my own house and downsize if I'm honest.
Just to add, we are not struggling with the mortgage but I don't want to get to the situation where we may. I'm trying to "prevent rather than cure" if you know hat I mean.0 -
You want to have your cake and eat it.
You are unlikely to get a good deal trying this - most people willing to buy and rent back will pay you peanuts.
Your father might not be happy if you make him pay the rent and if you've got to cover that then you're probably not chuffed either.
You need the money so you are best selling the property. You're leaving your dad in the lurch by doing this though.
You are unlikely to be able to get LHA (housing benefit) for your father if you mortgage the property unless you would really evict him if he didn't pay the rent...0 -
I know, Its a tough one. A bit of a dilemma. Yes he does, but I am reluctant to go down that route really. I would rather sell my own house and downsize if I'm honest.... Just to add, we are not struggling with the mortgage but I don't want to get to the situation where we may. I'm trying to "prevent rather than cure" if you know hat I mean.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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In order to guarantee your dad can stay there for life, it'd mean selling the house for probably half what it's worth. That's how it works with houses where people have long-standing, secure tenancies stretching back to before the law changed.
There's no way it'll be worth close to its "worth" with the guarantee.0 -
Thanks for all the replies. I think I need to re think this one.
Cheers0 -
Is it more than 7 years since dad sold his house to you.
If not it could be difficult for in re deprivation of assetts if he ever needs
a care home.
Is it not possible for him to live with you or apply for sheltered housing with the council. Yes, i realise that this means he will then pay rent but then so does everyone else who dont own their own house.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Is it more than 7 years since dad sold his house to you.
If not it could be difficult for in re deprivation of assetts if he ever needs
a care home.Is it not possible for him to live with you or apply for sheltered housing with the council. Yes, i realise that this means he will then pay rent but then so does everyone else who dont own their own house.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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