Buying my Dad's second home to help him benefit.

Let_Us_See

What a burden..........sell it and put the money in your father's pocket.

duchy

bigmondy wrote: »

Actually - now re-reading my post above - I wonder if he would be better off keeping the property in his name and I pay for the upgrades with a loan or something. That way it arrests the decline in condition, it can be used as a weekend holiday home and it passes to me when the inevitable happens (a while down the road I hope).

Getting a bit confusing as to what is best now.

If you are the only child and his sole beneficiary and your Dad doesn't actually need extra cash then this seems like a more sensible option as you want to keep the property in the long term and you could create some lovely memories with him once you've done it up.

Let_Us_See

duchy wrote: »

If......... your Dad doesn't actually need extra cash

Lives in a council house on basic state pension with no benefits? Life must be a real ball?

Forget your needs and help your father now, as you have clearly documented he is unable to cope with the burden.

Angie_B

bigmondy wrote: »

That's what we were discussing Angie.

Gifting the remainder of the value after I give him some of the equity. But I wouldn't do it if that was a risk when it comes to his future security.

Never heard of the term deprivation of assets. Would it apply to such a potentially small sum as say £40- £50k? Is there a time limit?

Deprivation of assets tends to come into play if your dad requires a care home and asks for it to be funded by the taxpayer. If he has found to have deprived himself of assets, i.e. by selling you his house for £40k under its market value, then the local authority can take action or charge him as though he still had the asset of £80k. They will look at any amount and won't class £40-50k as a "small sum".

Have a look at this link and the factsheet contained within, which describes some of the issues associated with deprivation of assets.

http://www.ageuk.org.uk/home-and-care/care-homes/deprivation-of-assets-in-the-means-test-for-care-home-provision/

Living in a council house with basic state pension suggests he wouldn't otherwise have the money to pay for a care home, should it be required, so even if he keeps the house in his name, he may well be expected to sell the property at full market value anyway in order to pay for the home.

Hope that helps.

Daniel54

[QUOTE=bigmondy;Its too much of a burden for him now and too remote for him to enjoy due to his partners recent cancer diagnosis.

Poor guy is just anxious to remove the burden now but the house has been in the family for over a century.

.[/QUOTE]

Is the property in regular use by other members of the family ?

Otherwise it sounds like a valuable old painting that has been passed down the family but is kept in the attic because nobody wants it on the wall

It sounds like the best thing from your father's point of view might be to sell that painting and enjoy the proceeds.

If he spends the money to enhance his regular quallity of life - by being able to spemd a bit more per week or per month - is that not a good outcome ?

bigmondy

Probably doing it up and selling is the sensible option for him as suggested. That's if your thinking with the head..... which I suppose I should be doing.

Thanks guys. We will discuss and ponder on this.

BM.