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Purchase of discount council house implications?
Comments
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What if it's not suitable for Grandpa for the rest of his life?flopstocks wrote: »Hi just to confirm by DOB is 25-04-80, and it is my dad that has the funds to purchase my grandads house outright. His unitial idea was to purchase the house, at a discounted rate. Let Grandad live there for the rest of his life. Then rent it out privately later on when he passes away.
Does this sound like a viable option?0 -
flopstocks wrote: »Hi just to confirm by DOB is 25-04-80, and it is my dad that has the funds to purchase my grandads house outright. His unitial idea was to purchase the house, at a discounted rate. Let Grandad live there for the rest of his life. Then rent it out privately later on when he passes away.
Does this sound like a viable option?
Read all the previous posts and weigh up the disadvantages against the possible (but not guaranteed) gains.0 -
flopstocks wrote: »Hi just to confirm by DOB is 25-04-80, and it is my dad that has the funds to purchase my grandads house outright. His unitial idea was to purchase the house, at a discounted rate. Let Grandad live there for the rest of his life. Then rent it out privately later on when he passes away.
Does this sound like a viable option?
No, because dad has no right to buy the house, only grandad.Trying to be a man is a waste of a woman0 -
notanewuser wrote: »No, because dad has no right to buy the house, only grandad.
He was going to give grandad the money so he could purchase it in his name. Then when he passes away the house would be left to him.0 -
flopstocks wrote: »He was going to give grandad the money so he could purchase it in his name. Then when he passes away the house would be left to him.
That's assuming that the house hasn't been sold to pay for residential care for grandad or that he hasn't found someone else to leave it to.0 -
flopstocks wrote: »He was going to give grandad the money so he could purchase it in his name. Then when he passes away the house would be left to him.
What does grandad get out of this deal?0 -
flopstocks wrote: »Hi just to confirm by DOB is 25-04-80, and it is my dad that has the funds to purchase my grandads house outright. His unitial idea was to purchase the house, at a discounted rate. Let Grandad live there for the rest of his life. Then rent it out privately later on when he passes away.
Does this sound like a viable option?
Your Dad cannot buy the house.
Only your Grandad has the right to buy the house.
Your G'dad will still be the owner of the house, and can live in it, sell it, and leave it in his will to anyone he wishes. If he has to go into a home at some point his house will be sold to pay the nursing home fees.
I suggest you read the previous posts.
EDIT - when did he change his mind about giving your G'dad the money so he can purchase the house in his own name?I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
flopstocks wrote: »He was going to give grandad the money so he could purchase it in his name. Then when he passes away the house would be left to him.
Have you read the other answers? If dad gives money to grandad to buy house, great. If grandad then dies with no will then it will be shared out between dad plus any other siblings. If grandad remarries the house will be lost to the wife on grandad's death. If grandad writes a will leaving the house to his neighbour's cat, dad won't get the house.
Lots of risk there, and rightly so.Trying to be a man is a waste of a woman0 -
Yes for sure, thanks you have given my Dad a lot to think about0
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How about leave things as they are. That way if Grandad's house needs adaptation or he needs to move to anywhere more suitable it can be much more easily done.
On your Grandad passing the house will then be passed on to a family who are in need.
Seems a much better deal to all to me.0
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