Moving (buying house) elderly relatives - advice appreciated

MCLF

Hello,
I'm hoping to find out about anything to help me move my elderly relatives near to me.

Current situation
They own their own home, worth around £150,000.
For medical reasons, they need to move near to me as soon as possible.
Selling the house while they are still living there is not an option (due to their medical condition).
They have savings (that they could use) of around £50,000.

Moving
Our first thoughts were to move them into rented property near me, put their house up for sale then buy a property.
However, due to their medical needs I'm struggling to find something suitable for rent. Local social housing has a lengthy waiting list.

It would be less confusing for them to move just the once, into their own property.

Is there any way to release some of the equity in their current house in order to purchase? They would ideally need £70,000 - £100,000. However, with family lending them money and a bit of juggling that could be reduced.

We would them want to put their current house up for sale, repay the loan and use the rest for their expenses.

Losing money on fees / interest etc
I've read many horror stories about equity schemes but I regard the benefits of moving them to outweigh the monetary disadvantages.

Any thoughts would be appreciated.

xylophone

Would it be possible for them to spend a few months in a nursing home near you while the property is sold?

MCLF

xylophone wrote: »

Would it be possible for them to spend a few months in a nursing home near you while the property is sold?

Not really....one of the relatives has paranoia, and would be convinced we were trying to get their money....it's a long and complicated story.
It would be a good solution otherwise.

xylophone

Do you have Power of Attorney? It might be as well to look into this if not?
https://www.gov.uk/power-of-attorney/overview

If one of the relatives has paranoia, is he/she capable of dealing with the complexities of equity release or even selling the house without undue anxiety?
http://www.mind.org.uk/mental_health_a-z/8024_paranoia

pmlindyloo

I think buying a house may not be the answer. It could take months and if you say they need to move very quickly then this could be very problematical

Without prying may I ask for what reason you need to move them nearer to you? Are you going to be involved with their care?

If not, then have you thought of helping them to adapt their own home with the help of an assessment by adult Social Services?

Looking after elderly relatives is very time consuming.

Have you considered looking at alternatives rather than buying a house if you really want them near you?

If you google 'Housing for the elderly' plus your area, there might be some alternatives. There are lots of different private schemes for the elderly e.g. warden assisted etc etc. Something like this might be available to rent or there might even be some kind of part exchange.

Undoubtedly there will probably be some sort of financial loss doing it this way but personally buying a property, even without the problem of financing it could be very stressful for both you and them.

What do they want to do?

MCLF

xylophone wrote: »

Do you have Power of Attorney? It might be as well to look into this if not?
https://www.gov.uk/power-of-attorney/overview

Thanks for the link. We're in the process of applying, without "overloading" the relative.

xylophone wrote: »

If one of the relatives has paranoia, is he/she capable of dealing with the complexities of equity release or even selling the house without undue anxiety?
http://www.mind.org.uk/mental_health_a-z/8024_paranoia

They aren't capable of organising any of this but do trust us to do it. For now they still trust family (we know this will change). If we suggested a Nursing Home that trust would probably disappear overnight.

kelpie35

Are social services involved with them just now?

If they are then I would suggest that you request their help in relocating them to your area by contacting SS in your area.

If not could you contact your local SS and ask for help with trying to relocate them.

I wish you all the best in the future.

MCLF

pmlindyloo wrote: »

I think buying a house may not be the answer. It could take months and if you say they need to move very quickly then this could be very problematical

Without prying may I ask for what reason you need to move them nearer to you? Are you going to be involved with their care?

Yes. I'm already their carer but the distance I have to travel is now too great - it was fine when they just needed a little help.

If not, then have you thought of helping them to adapt their own home with the help of an assessment by adult Social Services?

They won't entertain the idea, have sent away people I've "put in place" and cancelled services in the past.

Looking after elderly relatives is very time consuming.

Agreed. But if they were near me I could supplement it with paid help - it would be more difficult for them to cancel.

Have you considered looking at alternatives rather than buying a house if you really want them near you?

If you google 'Housing for the elderly' plus your area, there might be some alternatives. There are lots of different private schemes for the elderly e.g. warden assisted etc etc. Something like this might be available to rent or there might even be some kind of part exchange.

This was my starting point. I'm not finding anything suitable although I'm still looking.

Undoubtedly there will probably be some sort of financial loss doing it this way but personally buying a property, even without the problem of financing it could be very stressful for both you and them.

What do they want to do?

They want everything to stay exactly as it is now - the two of them living alone with visits from family. They don't realise that this is no longer viable, and due to mental health issues can't reason.

richardw

Do their current Medics agree that they should move near you?

MCLF

richardw wrote: »

Do their current Medics agree that they should move near you?

Yes they do.

richardw

OK.

How quickly do you think their current property would sell?

Don't forget the 'not moving before christmas' mindset can happen to some people as soon as the x facta is back on the TV.