Need Advice Re-House Deeds..

bryanb

disneyworldfan wrote: »

Thank you.



Thank you.



You really do have the wrong end of the stick,maybe it's the way i am wording myself-i don't know but you really are wrong,i have never 'cheated' anyone or tried to get around things,and i find your post upsetting.

My post was not intended to upset you, if it has I apologise. However what is your question? As I understand it your grandparents want to will their house to you. That is a fairly simple matter. The only reason I can envisage for that not being carried through is the possibility of care fees being needed. Is there something I am missing?

disneyworldfan

bryanb wrote: »

My post was not intended to upset you, if it has I apologise. However what is your question? As I understand it your grandparents want to will their house to you. That is a fairly simple matter. The only reason I can envisage for that not being carried through is the possibility of care fees being needed. Is there something I am missing?

Thank you.
Yes,my grandparents have willed their house to me in their wills,i believe that they are joint tennants-not tennants in common(still trying to find this out),so their house goes to each other first-i only inherit+get to live in the house when they have both died-i hope i am making sense so far(i am not good at wording myself).
IF and it is only an if-(who knows whats round the corner)my grandfather passes first-me+my family would no doubt go and live with my gran,and i would care for her to the point of me not being able to care for her myself,she would need a care home-if the savings(that they have) run out for paying for this-then what would happen???.Would the house that has been left to me,even with me possibly living in it have to be sold to pay for the home??.Have i no say that the house is indeed left to me,and that my grandparents don't want it sold???.I was just trying to find a 'right' way not a cheating way to still have the house and for it not to be sold,or me made to sell it.
I really hope i have made sense this time.

Fire_Fox

disneyworldfan wrote: »

Thank you.
Yes,my grandparents have willed their house to me in their wills,i believe that they are joint tennants-not tennants in common(still trying to find this out),so their house goes to each other first-i only inherit+get to live in the house when they have both died-i hope i am making sense so far(i am not good at wording myself).

IF and it is only an if-(who knows whats round the corner)my grandfather passes first-me+my family would no doubt go and live with my gran,and i would care for her to the point of me not being able to care for her myself,she would need a care home-if the savings(that they have) run out for paying for this-then what would happen???

Would the house that has been left to me,even with me possibly living in it have to be sold to pay for the home??.Have i no say that the house is indeed left to me,and that my grandparents don't want it sold???.I was just trying to find a 'right' way not a cheating way to still have the house and for it not to be sold,or me made to sell it.
I really hope i have made sense this time.

If they are joint tenants the house cannot be left to you until BOTH parties have passed on, as it will automatically pass to the surviving spouse. If they are tenants in common your granddad can leave you his half of the house NOT the whole house. If your gran goes into a home and her savings run out, there is an expectation her share of the house will be used to fund her care. As you would be living there a charge will be placed on the house. Your gran will then only be able to leave you her half of the house MINUS the costs of her care as these will come from her estate.

We don't all think you are trying to cheat the system. We understand why you do not want to sell as you grew up in the house. Unfortunately the net effect is trying to avoid your grandparents using the house to pay for your gran's care. The only way this will be possible is for you to buy out the charge on the property at the time of your gran's death - I suspect this will mean you taking on a mortgage if you are unable to build up savings during the time you live in your grandparent's house rent-free.

bryanb

The possibility exists that the local authority "may" ignore the value of the house when assessing your grandparent's contribution to care costs if you are aged 60 or more and living in the property. Presumably they would expect that you have no other property available for you to live in.
The local authority will not be keen to ignore the house in the present financial climate. But personal experience has shown that it is done, especially if you are named on the deeds.
Without knowing the ages of your grandparents or how long they are likely to live, it's hard to say whether it would be worth putting you on the deeds. If it were a couple of years then it would probably be regarded as deprivation of capital. If it were 20 years then probably not.
In my own case I was on the deeds as I had provided the cash to purchase the property. Also as my then girlfriend had loaned some of the cash, a charge was put on the property in her name (effectively the same as a mortgage)

JamesU

Fire_Fox wrote: »

If they are joint tenants the house cannot be left to you until BOTH parties have passed on, as it will automatically pass to the surviving spouse. If they are tenants in common your granddad can leave you his half of the house NOT the whole house. If your gran goes into a home and her savings run out, there is an expectation her share of the house will be used to fund her care. As you would be living there a charge will be placed on the house. Your gran will then only be able to leave you her half of the house MINUS the costs of her care as these will come from her estate.

We don't all think you are trying to cheat the system. We understand why you do not want to sell as you grew up in the house. Unfortunately the net effect is trying to avoid your grandparents using the house to pay for your gran's care. The only way this will be possible is for you to buy out the charge on the property at the time of your gran's death - I suspect this will mean you taking on a mortgage if you are unable to build up savings during the time you live in your grandparent's house rent-free.

FireFox, well clarified, and may be feasible................

"Disneyworldfan, 26th January 2010: Firstly hello, this is my first post-although i have been a lurker for a year now. In the next couple of days i will be coming into some money not sure the exact amount yet but it will be between £50-£60,000........+other threads."

.............provided these finances are not notional capital leading to deprivation of assets.


Still do not understand why care fee insurance is not being considered and good advice from Notisis too.

JamesU[FONT=&quot]

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disneyworldfan

Fire_Fox wrote: »

If they are joint tenants the house cannot be left to you until BOTH parties have passed on, as it will automatically pass to the surviving spouse. If they are tenants in common your granddad can leave you his half of the house NOT the whole house. If your gran goes into a home and her savings run out, there is an expectation her share of the house will be used to fund her care. As you would be living there a charge will be placed on the house. Your gran will then only be able to leave you her half of the house MINUS the costs of her care as these will come from her estate.

We don't all think you are trying to cheat the system. We understand why you do not want to sell as you grew up in the house. Unfortunately the net effect is trying to avoid your grandparents using the house to pay for your gran's care. The only way this will be possible is for you to buy out the charge on the property at the time of your gran's death - I suspect this will mean you taking on a mortgage if you are unable to build up savings during the time you live in your grandparent's house rent-free.

Thank you.I have savings,well money i inherited elsewhere,so could use that-instead of a mortgage?.

bryanb wrote: »

The possibility exists that the local authority "may" ignore the value of the house when assessing your grandparent's contribution to care costs if you are aged 60 or more and living in the property. Presumably they would expect that you have no other property available for you to live in.
The local authority will not be keen to ignore the house in the present financial climate. But personal experience has shown that it is done, especially if you are named on the deeds.
Without knowing the ages of your grandparents or how long they are likely to live, it's hard to say whether it would be worth putting you on the deeds. If it were a couple of years then it would probably be regarded as deprivation of capital. If it were 20 years then probably not.
In my own case I was on the deeds as I had provided the cash to purchase the property. Also as my then girlfriend had loaned some of the cash, a charge was put on the property in her name (effectively the same as a mortgage)

Thank you,i understood that apart from 'deprivation of capital'-sorry.Gran is 81,Grandad is 71.

JamesU wrote: »

FireFox, well clarified, and may be feasible................

"Disneyworldfan, 26th January 2010: Firstly hello, this is my first post-although i have been a lurker for a year now. In the next couple of days i will be coming into some money not sure the exact amount yet but it will be between £50-£60,000........+other threads."

.............notional capital leading to deprivation of assets.


Still do not understand why care fee insurance is not being considered and good advice from Notisis too.

JamesU

Care fee insurance IS now being considered i was only made aware of it yesterday on here.
Also i don't understand 'notional capital leading to deprivation of assets'-to do with my old thread-sorry.

bryanb

Deprivation of capital, or assets, simply means trying to hide money from the local authority by moving it into someone else's name or even spending it to prevent the LA getting it.
The term can also be applied where benefits are concerned (although not in this case)

disneyworldfan

bryanb wrote: »

Deprivation of capital, or assets, simply means trying to hide money from the local authority by moving it into someone else's name or even spending it to prevent the LA getting it.
The term can also be applied where benefits are concerned (although not in this case)

Thank you.

Fire_Fox

disneyworldfan wrote: »

As to having my name added to the deeds-this is why i think,people could assume that we are trying to avoid care fee's-when honestly this is not the case.I just want to live in my grandparents house once they have passed,they want me to have the house and because it is the house i grew up in.I am in no position and 99% honestly will never be, to own my own home etc...this is just something they want to gve back to me after all i have done and am doing for them now.They want me and my family to have a safe and secure roof over our heads-that's all.

JamesU wrote: »

"Disneyworldfan, 26th January 2010: Firstly hello, this is my first post-although i have been a lurker for a year now. In the next couple of days i will be coming into some money not sure the exact amount yet but it will be between £50-£60,000........+other threads." [FONT=&quot]
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disneyworldfan wrote: »

Thank you.I have savings,well money i inherited elsewhere,so could use that-instead of a mortgage?.

I was under the impression that the home you grew up in was the only chance at home ownership and now it become clear this is not the case at all! I really do not like having the wool pulled over my eyes.

disneyworldfan

Fire_Fox wrote: »

I was under the impression that the home you grew up in was the only chance at home ownership and now it become clear this is not the case at all! I really do not like having the wool pulled over my eyes.

Excuse me????.
Me inheriting my grandparents home IS the only chance i have of owning a home.My father died and i inherited £52,000(although i don't see what this has to do with what i am asking now) i cannot own a home with that,i also cannot get a mortgage.I have now been considering maybe using this money IF my grandparents savings run out-so i get to keep my grandparents house.
I have'nt pulled the wool over anyone's eyes and i really don't like what you have said about me.