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If house owner had no children, could they sell house before dying but still stay?
Legacy_user
Posts: 0 Newbie
Say a home owner, aged 70 has a house worth £100k. They have no children.
What could they do to raise some capital but stay in the house?
Is there anything such as a company would give them £50k, let the owner still live there, but would be entitled to the house when the owner died?
Or is the only option for the owner to sell the house, and rent?
What could they do to raise some capital but stay in the house?
Is there anything such as a company would give them £50k, let the owner still live there, but would be entitled to the house when the owner died?
Or is the only option for the owner to sell the house, and rent?
0
Comments
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Search for equity release schemes0
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Try to get someone to buy the house but then rent it back to them.0
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But be careful, look at the paperwork, pass it by a solicitor, get solicitor to explain the ramifications. Compare interest rates.0
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be careful on selling and renting back - can be chucked out within months...0
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Sell/rent-back schemes were recently covered by legislation to control them, due to misues - beware.
http://www.adviceguide.org.uk/england/debt_e/debt_mortgage_problems_ew/debt_how_to_sort_out_your_mortgage_problems_e/sale_and_rent_back_schemes.htm0 -
You're not trying to get a childless relative to hand money over to you, are you?0
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There is equity release buy I suspect they would offer quite a bit less than 50% of the market value, just google some of the equity release firms and do their online calculators.0
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