Transfer of Equity?

Georgiegirl256

Your welcome Toddy Senior. I just thought that you were being unfairly jumped on, and I could see where you were coming from in your OP.

*Fellow Northerner here too! :wave:

Mr_Toad

Toddy_Senior wrote: »

Hi Georgiegirl256. I said that I wouldn't be returning to this website but thanks very much for your defence of my original request for information and your correct observation that I was simply getting back at those who'd had a go at me - a northern trait I'm particularly proud of! If it's any help, I apologise for any offence I caused - except to the idiot who suggested my wife and I should drop dead! Additionally, "Polly put the kettle on" was simply a line from the nursery rhyme and really wasn't intended to be sexist, nor was "Polly Wally Doodle". If nothing else, my original post and subsequent comments have highlighted the difference between Severance of Tenancy and Transfer of Equity so I guess we've all learned something useful. As I said right at the start, with a house worth only £150k and care home fees capped at £75k each, it's a worry that we might not be able to help our son, daughter-in-law and grandson (all of whom we love dearly) by being unable to leave them just the £23k allowed once house funds have been used up. I'd previously heard that this sum might be increased to £123k (and I'd be delighted with this, believe me!) but didn't see any comments on this part of my original post. My wife and I know that we may not have to go into a care home but, being a Yorkshireman, I'm hardly an optimist! Successive governments just pass the buck on this very delicate issue, preferring instead to offer budget bribes to get us to put them back in a place where they should never have been. I hope this explains my bad attitude towards MP's but thanks to all of you for your comments.
PS Sometimes a little humour is a good thing for us all.....:j

I'm not sure you understand the fees cap, and you're not alone. It was touted as a political triumph but as with most things the devil is in the detail and people hear what they want to hear rather than the reality.

Fees are not capped at £75k.

The capping will only apply to the medical part of the care and does not cover accommodation, food or other bills and costs like the social care aspect.

If you suffer from dementia but are otherwise fit and healthy then there are almost no medical costs involved, it's all social care, keeping you safe, stopping you wandering off etc. In cases like these then there is effectively no cap and most of the money will go.

Another myth is the £23k savings limit. Even when savings and assets reach £23k you are still expected to make a contribution. Savings and assets are only disregarded when they reach £14,250 although any other income, pensions and/or benefits are still taken into account and will be taken as a contribution, all except for a personal allowance of £23ish per week.

As the largest percentage of people are likely to be Alzheimer's/dementia sufferers they aren't giving much away. If you're one of the relatively small number of people needing nursing care for medical conditions then you may benefit from the cap when it comes into force.