Buying a home from a Grandparent

bryanb

martindow wrote: »

GM will be paying care fees until her savings of cash from the house sale get down to a certain value (23,000 I think) when benefit payments can be claimed to partially or totally pay them. At 2 or 3 thousand a month cash can be eaten up very quickly.

If the house has been sold below its market value couldn't deprivation of assets cause a problem in the future?

Do you have inside information regarding her financial position?

GavB79

I am in a very similar position. But my grandmother is hoping to move into a residential home, not a care home. There is a big difference if you don't require nursing care - she can meet the costs of this from her pension. Any sale proceeds from her (mortgage-free) house is essentially just inheritance for her children, so it is likely I will get a small discount on market value as any other buyer would expect to negotiate, plus she will not have to pay estate agent fees as there is no need to market the property.

dwilkins

Thanks everyone for your answers.

Grandma is paying full amount, 100% of care home fees out of her own savings.
The property is being discounted to us due to the fact that we are family, the whole property needs to be renovated/decorated/modernised, plus she will not have to pay estate agent fees (between 2-4K) So all that taken into account plus the fact that a normal buyer would haggle on price anyway, so not sure if "deprivation of assets" would apply??
So much to understand!!
But some great advise

Thanks

paddedjohn

dwilkins wrote: »

thanks everyone for your answers.

Grandma is paying full amount, 100% of care home fees out of her own savings.
The property is being discounted to us due to the fact that we are family, the whole property needs to be renovated/decorated/modernised, plus she will not have to pay estate agent fees (between 2-4k) so all that taken into account plus the fact that a normal buyer would haggle on price anyway, so not sure if "deprivation of assets" would apply??
So much to understand!!
But some great advise

thanks

all of the above info would have saved on about 10 speculative posts if it was at the beginning;)

McKneff

paddedjohn wrote: »

all of the above info would have saved on about 10 speculative posts if it was at the beginning;)

Irritating, isn't it.
Happens all the time.
10 speculative posts, 10 people wasted their time.:mad: