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dilema help please....
james3333
Posts: 752 Forumite
Hi guys,
i need some advice/help.
my girlfriends mum owns her own home. worth £130,000 ( mortgage paid off).
however, she has been through a divorce and the solicitor agreed to her not paying his fees until she sold the house. ( she owes £10k)
she is on disability benifits and cannot work, infact she can barely walk.
she wants to
A. pay the solicitor
B. do the house up for her old age
whats the best way of getting cash for her to do this?
releasing equity in the house?
if so, would the bank agree to giving her this, due to her being on benifits and not being able to pay it back on a monthly basis.
sell the house?
sell it, buy a cheaper house and pay off the solicitor with the left over amount ?
and help would be greatly appretiated.
i need some advice/help.
my girlfriends mum owns her own home. worth £130,000 ( mortgage paid off).
however, she has been through a divorce and the solicitor agreed to her not paying his fees until she sold the house. ( she owes £10k)
she is on disability benifits and cannot work, infact she can barely walk.
she wants to
A. pay the solicitor
B. do the house up for her old age
whats the best way of getting cash for her to do this?
releasing equity in the house?
if so, would the bank agree to giving her this, due to her being on benifits and not being able to pay it back on a monthly basis.
sell the house?
sell it, buy a cheaper house and pay off the solicitor with the left over amount ?
and help would be greatly appretiated.
0
Comments
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i would be inclined to say don't get into any more debt by re-mortgaging - sell, buy a smaller house which is in good order, and then be debt-free, and have peace of mind.0
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the thing is if, she sells, will they stop her benifits if she has ££££ in her bank?0
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by the time she sells, pays off the solicitor, pays for her selling and buying costs for the new house - she probably wont have a lot of cash left - she can have £8k in the bank and it wont affect her benefits anyway.0
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so 8k is the amount you can have BY LAW in an account without benifits being affected?0
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i am not sure if this is the amount for a couple or an individual - your local BA or CAB will be able to tell you that .0
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cheers for that.
anyone know for definate?
8k for an individual?
any other solutions to the problem welcome0 -
if the solicitor isn't charging interest then what is the rush to sell the house?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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well, she wants it 'doing up' or to move and get settled for old age.
but selling means having all that cash in the bank and she doesnt want to loose her benifits.0 -
If you take the re-mortgage route there are many mortgages out there which will not require any income details. You will only be able to borrow 60-85% of the propertys value though which should be ok with your circumstances. The lenders will not class this has high risk because of the equity retained in the property. If you shop around you should be able to find a decent deal fee-less and with a good rate. You may only be able to borrow 60% though, probably less. If you are stuck I can reccomend a decent broker that will help in your situation.0
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""all that cash in the bank and she doesnt want to loose her benifits.""
Benefis are for people who have no cash - sorry, but she can't have her cake and eat it.
re getting another mortgage, i think at her age its madness - sorry, but i do.
""sell it, buy a cheaper house and pay off the solicitor with the left over amount ?"" -
i think this is by far the best option - being debt free at her time of life, especially with a disability, must be better.0
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