Selling home to pay care home fees?

swingaloo

People are living longer and therefore more elderly are needing to go into care, the funds are not there for everyone to be fully subsidised.

The care comes from public funds so why should someone who can pay their way not do so.

Many people who own their own homes never need to go into care and so the property can be passed down but buying property is a way to secure your future in any way it is needed.

It is upsetting when a family home has to be sold but how can it be right to say 'I will keep my money and use someone elses for the care I need'.

nikkim1990

What happens if an individuals propertly fails to sell and their savings have been used?

swingaloo

As far as I can remember from my dads case, the council made the payments in the interim period and when the house eventually sold which was just after dad died we had to repay the money through the solicitor dealing with his estate.

Mrs_Money

nikkim1990 wrote: »

What happens if an individuals propertly fails to sell and their savings have been used?

In that case (and this has recently happened to my relative) the local authority step in and pay - but they put a charge on the property of the person in care, so that when it does ultimately sell, they will get their money back. I think the Land Registry is made aware of these "charges" and so when the property is sold it is flagged up as having a charge against it.

System

Having seen the difference between what the purely government funded care is like and care where the person or their family pay for it, then I would rather sell my house and live out the last of my days in comfort rather than purely exist until death

McKneff

nikkim1990 wrote: »

I was asking for advice not an opinion

I got the impression, from your first post that you were actually asking for opinions to be honest.

You have to put up with opinions, whether you like it or not if you post on a public forum.


No one poster is right or wrong, just different.

chesky

What happens if the house sells, you pay for your fees and you live so long, your money runs out anyway? Do you get shunted out?

Mrs_Money

chesky wrote: »

What happens if the house sells, you pay for your fees and you live so long, your money runs out anyway? Do you get shunted out?

In the case of my relative the property took 18 months to sell in a falling market and the debt she had acrrued was just about settled by the cash from the sale. Then the local authority carried on paying as before.

Errata

Rent the house out, use the rental money, state pension, attendance allowance and any private pension to tund the care home fees.

PasturesNew

Do the maths..... it's not as expensive as it seems in black and white.

How much is the house worth?
How much interest will that attract when banked?
How much is council tax?
How much are household bills?
How much is the food bill?
How much is maintenance?
How much would carers in the home cost if you stay in it?
How much does socialization cost (cost of attending day centres etc and transport?)
How much will a lifeline service cost?
How much will it cost to have somebody come and do the washing/bed changing/cleaning?

How much income does your relative have coming in?

If somebody is funded, do you realise that all their pensions/income are taken from them and they are left with just £22/week when in a care home?

Do the maths, there will be a 'shortfall' which will come from the capital, but it's surprising how much the cost of staying in your own home costs - and in a home they get 24/7 mates to hang out with, they're watched and immediately sorted out when they stumble.... priceless.