Remortgage For A 2nd Home To Rent

DINOKIDS

Thanks to those of you who have provided positive advice which has been very useful. This 2nd home will one day be a residential care home for our disabled son and others.

lynzpower

Dinokids,

I have worked in older peoples social services, and know a little of the regs. Be very aware that the health and safety of the place that you intend to buy along with the insurance and public liabilities will be exceptionally high if you term it "residential care".

I would seek professional legal advice before proceeding this is a very tough area in terms of H&S and liability.

sanfrancisco

Jorgan wrote:

and the increase in the number of people getting divorced also are partially responsible.

Divorce rates have not risen since 1981.

regularsaver1

you say that you cannot afford BTL rates - have you actually looked at these or is this a perception?

lynzpower

Dinokids,

thanks for your PM.

Personally, I would recommend that you wait until the property is actually needed and brush up the legals till then.

the rub for me is
a) if your son lived there with a carer you could get away with a standard property, just pop in the adaptations get them signed off, your away. Additionally in the current set of legislation, theres DFGS and other options from the state to finance this.
b) anyone else living there and you charging them rent and for caring services, you enter a whole new minefield of residential care management
Heres somewhere to start http://www.carehomestandards.co.uk/cnb/shop/carehomestandards
Also check out SCIE who will be able to give you guidance.

The disability policy movement is running apace, and personally I would be very interested to know what policy initiatives would be up the governments sleeve on this in years to come.

Letting out the place in the meantime will be a complete headache. And then you will have to look at relvant adaptations later on. However, if theres a major property crash or correction in the interim you can pick a property that will be useful.

IN saying that though, I wonder whether it might be more fruitful to self-build, as you may well need a large adapted ground floor property, and a standard bungalow will not meet current regs in terms of residential care. From a moneysaving point of view if you can afford to pay for the property whether its tenanted or not, you might want to save this money and seek out some land with planning permission then save and have the house bult later. If for whatever reason you dont want to go ahead with the project, the land can easily be sold.

Just a few thoughts from me there

UK007BullDog

Having worked in the property sector some time ago it would be a lot easier to build a house to spec than to convert an older house.

We had an old listed building and had to convert one of the flats for disabled in wheelchair and it was a nightmare, not just because it was a listed building but also because so many things had to be put in place and the conservationist put a foot in it where ever they could, but also the many snags the tradesmen encountered when renovating the property.

When we did a new build it was so much easier to have ramps, wider doorways and a bath, shower placed in where one can enter with the wheelchair to give the person independance and privacy. The kitchen cabinets placed lower and ovens, fridges, sockets and washer/dryers raised for easy access. Plus the private living quarters for the carer added. It is so much easier to start from scratch and in the long run cheaper than to convert an old property.

It might be an idea to start looking now for a good piece of land near good commuting links and parking area for a disabled vehicle and to put the rest of the money is some low risk /high yield fund. I would suggest you speak to an IFA (Independant Financial Adviser) to weigh up all your options.

robwend

realwildone wrote:

I have a lot of time for your posts. However it's not always about being nice. It's about being true. Friends of my childrens cannot get on the ladder because of greedy people like this. Buying your own home is one thing, stealing someone elses is another. I have no time for these greedy people, trying to make money on the backs of other peoples misery. I hope it all goes wrong for them.

soon shut his mouth when he knew the reason, buying houses isnt greedy its securing your future, blame the banks for intrest rates not the average joe shmoes

robwend

yawn, yawn yawn

kenshaz

robwend wrote:

yawn, yawn yawn

Wendy at week-ends,yawn,yawn,yawn

robwend

im a tired girl lol i have builders in lol