Selling a TIC property to fund care- any experiences?

Mrs_Money

I've asked this question on the House buying, renting and selling board, but I think may be this board may have some folk who have been through this situation?

If a property is held as "Tenants in Common", does it have any value once the first "tenant in common" is deceased?

I ask because we are involved in executing a relative's will and their half of the property is willed to several beneficiaries. The surviving "tenant in common" is in care with dementia.
We are being told that when (if ever!) the property is sold, the Local Authority will take half to pay for the surviving partner's care, but my internet research on financial matters also shows that in the eyes of some FSAs such a property has no value, because it is partly owned by other people who may or may not want to sell. There are various pdfs about this on Age uk's website and whilst they are informative, they are bit "woolly", but seem to say that a property that is owned by several people, some of which don't want to sell, may be regarded by the LA as having a nil value.
The property has been on the market a while now and has been reduced. The likelihood of it selling is remote, as there are issues (beyond anyone's control) that may put potential buyers off (it's a flat and the whole block needs remedial works) - and anyway there have been very few viewings and no offers. It would seem sensible, with the agreement of all beneficiaries, to take it off the market for a while (or long-term) and rent it out. Not at all profitable, but it would cover some ongoing expenses associated with the property.
But I believe the LA may insist we keep it on the market as they want the proceeds. We are not just trying to avoid paying for care, but trying to do the best for everyone. We could go to the solicitor, and will, but not yet - they charge £160 per hour, so we're delaying that until we must!
Anyone know where we stand with this or been through anything similar?
Any ideas, experiences or info very much appreciated!

Mojisola

Local Authorities are looking for every spare penny they can find so I'm sure that most will want your relative's share of the house. I don't think they can force you to keep it on the market but they may put a charge on it so that, when it is sold, they will be able to claim their money.

Mrs_Money

Yes, I've been reading about charges on property - the general info seems to be that if the property is owned by several people, the LA can't put a charge on it - only a Caution - which means they will be informed when it is sold and will have to go to court to get any monies from it.
But of course, no info on whether that is necessarily successful or not! Hence my asking on here for anyone's similar experiences - may be abit of a long shot though!

Trebor16

That is my understanding of the situation too. If the property has other owners, other than the person in care, then the local authorities cannot put a charge on it, and they could not then go for the cash they think is theirs once the property is sold. They would have to mount a legal challenge.

I dounbt that the local authority have the legal power to insist the property is kept on the market either in the TIC situation you describe. If they try that then ask them on what legal basis are they making such a demand and ask them to provide details of the relevent statute.

pineapple

Can I recommend CareAware?
http://www.careaware.co.uk/
They give free independent advice on exactly this sort of thing. They were a great help to me personally on financial/residential care issues. And now, as an advice worker myself, I often point clients to them as a first option. Good luck.

Trebor16

Sadly the careaware site makes very little reference to NHS fully funded continuing care and what little is mentioned is misleading. It talks about people with "acute nursing requirements" being eligible for NHS funding, but it fails to mention that the true test is someone who has primary health needs. Perhaps their forte is giving more financially related advice, but they could do more to talk about continuing care and to warn people of the NHS/social services con trick that is still being widely perpertrated to deprive people of their assets when it is clear that the NHS should be funding their care.

Mrs_Money

The Careaware site certainly has a lot of info, but unfortunately not in the detail we need, but I'm beginning to think that taking the property off the market may indeed be possible.
Looks like an expensive visit to the solicitors!