Retire,own house,no capital,ideas

whitejohn

zzzLazyDaisy wrote: »

So do I! Given half a chance, I'd do the same. You go for it OP, but make sure you are water-tight on the DoE issue first

(I would say that, I'm a lawyer)

Thanks for the encouragement, sorry but whats the DOE? Is that the deprivation of equity?

Magnolia

Go for it OP - you will be living my dream *sigh*

whitejohn

Magnolia wrote: »

Go for it OP - you will be living my dream *sigh*

Thanks for the encouragement, yes if you look on the bright side it really is a great opportunity.

Just need a like minded female now!
:j

zzzLazyDaisy

whitejohn wrote: »

Thanks for the encouragement, sorry but whats the DOE? Is that the deprivation of equity?

Sorry - DoA = deprivation of assets

whitejohn

zzzLazyDaisy wrote: »

Sorry - DoA = deprivation of assets

OK, when I sell the house I still have the assets so not giving anything away?

As a solicitor, is my money safe during the house sale process? If £180K goes from buyer to solicitor then to me. What happens if solicitor goes bust, seems it can happen to anyone nowadays?

zzzLazyDaisy

whitejohn wrote: »

As a solicitor, is my money safe during the house sale process? If £180K goes from buyer to solicitor then to me. What happens if solicitor goes bust, seems it can happen to anyone nowadays?

It's not very likely to happen. But if it did happen, your money is safe.

By law, solicitors have to keep a separate set of accounts for clients' funds. If the solicitor goes bankrupt the OR cannot touch that money. Even if you got a dodgy solicitor who ran off with the dosh (even less likely) you are covered by his indemnity fund which all solicitors must have in place.

What happens is that other firms of solicitors locally each take on some of the solicitor's files. That firm would contact you and act on your behalf, and recover the money for you. It isn't often that a solicitor goes bust, but when it does happen, the integrity of the whole profession is at stake, and the Law Society and other solicitors move quickly to ensure that clients are taken care of.

Hope that allays your concerns?

Dx

sleepless_saver

whitejohn wrote: »

Thanks that's interesting. So, rough figures I eventually end up with £14 and cannot look after myself. I can go in a nursing home and keep my £7k pension? Not that I would need it anymore but buys me a few more beers?

You would keep your remaining capital, but would still be expected to contribute from your pension. So you would still be left with £23 a week.

But - on the bright side:D - if you need so much care that you have to go into residential care, it is unlikely that you could drink more beer than £23 worth.

Savvy_Sue

sleepless_saver wrote: »

But - on the bright side:D - if you need so much care that you have to go into residential care, it is unlikely that you could drink more beer than £23 worth.

I thought that when I read it the first time ... :rotfl:

Mojisola

The world could be a very different place in twenty years time and who knows what the rules about care homes will be.

By the time you reach 85, you could have met a lovely young lady and have three or four children running around your beach home on a tropical island!

Have a brilliant time seeing the world and enjoying life.

sleepless_saver

Mojisola wrote: »

By the time you reach 85, you could have met a lovely young lady and have three or four children running around your beach home on a tropical island!

Just make sure it's not a tropical island in a Commonwealth country as your state pension will never increase.

Best of luck!