Is this illegal????

steve0115

amcluesent wrote: »

>any law that says I cant buy the house for say £50000 or even less if there is no law?<

Would you be OK if the house was sold to you at 'market value'?

If so consider this approach. Your Mum now sells you a 1m wide strip of land at the border of the house and the street. You now have control over access rights to the property.

If and when the house comes on the market, it is professionally valued on the basis that a 3rd party owns the 'ransom strip' and title to that isn't being sold. This will severely reduce the market value of the property, which you buy, but it is still being sold at the market price so shouldn't be defined as a Deprivation of Assets

Can somebody in the know please comment on this idea. Would it be viable or just seen by the taxman as a totally illegal dodge cause if so GOOD IDEA!! I cant see anything wrong with trying to get the best deal possible. After all you are only trying to get what should be rightfully yours. Good luck to anyone legally getting round the system. Thats what "loopholes" are for!!

PS. I'm no religious person but. GOD BLESS Katy kat and her nan:grouphug: :grouphug:

iolanthe07

If so consider this approach. Your Mum now sells you a 1m wide strip of land at the border of the house and the street. You now have control over access rights to the property.

If and when the house comes on the market, it is professionally valued on the basis that a 3rd party owns the 'ransom strip' and title to that isn't being sold. This will severely reduce the market value of the property, which you buy, but it is still being sold at the market price so shouldn't be defined as a Deprivation of Assets

If it was that easy everyone would do it.

Generali

My father had Alzheimers and was put into a care home at no cost to my mother. This was because he was becoming violent so it was considered a medical rather than a social need.

My mother got loads of help from the Alzheimers Society.

mightymouse

cats! wrote: »

Is your mum going into a home because of health or social needs? There have been test cases (the coughlin case or something similar??).

Try this re above quote http://www.gpss.tripoduk.com/nhscare/

Biggles

amcluesent wrote: »

Would you be OK if the house was sold to you at 'market value'?

If so consider this approach. Your Mum now sells you a 1m wide strip of land at the border of the house and the street. You now have control over access rights to the property.

If and when the house comes on the market, it is professionally valued on the basis that a 3rd party owns the 'ransom strip' and title to that isn't being sold. This will severely reduce the market value of the property, which you buy, but it is still being sold at the market price so shouldn't be defined as a Deprivation of Assets

It would be deprivation of assets, as you had artificially reduced the value of the house.

It may get spotted, it may not, but I wouldn't want to be caught fiddling it.

Katykat

Why thankyou for your blessing Steve, gave me chuckle - its actually my Mum, My Nan would be about 130 yrs old by now- but I bet they'd still try to squeeze blood out of her.

Biggles

Couple of other points, Katy.

To say, "She will only be allowed to keep £16000", isn't how it works. I think the figure is £21,000 at the moment, and above that she pays in full for the home. So her house proceeds may last 5 years or so. When her assets drop below £21,000, she'll get a little help, which increases as her funds reduce; I think below £8,000, she gets full assistance. But for the sale price of your Mum's house, you would probably be able to buy an immediate care needs plan that would cover the costs of a care home of her choice (not the Council's) for the rest of her life and to still have some money left in the bank. The cost of these plans depend on her age, health etc. Start here https://www.hsbcpensions.co.uk/nhfa/pages/index.asp and look on the Silver Savers board for more info.

Secondly, however, I don't know what other family she has, but to be found to have bought a home worth £100,000 off an old lady with Alzheimers for £50,000 could look pretty bad. And if the only reason you could give was 'to defraud the local council', it might not look any better. I know you want to do it for the right reasons, but think how it would look, either to the family or to anyone in authority. ;-)

caveatvenditor

You can put the money / house into a trust. See a solicitor.