Renting house to pay for care fees

martindow

patman99 wrote: »

If you sell, then you can use social lending sites like ZOPA ans Wellesley to lend out some of the money to receive a higher return than a bank account.

I'd be very cautious with this - higher returns mean higher risks. If you take risks with the money and lose some of it in this way, you could find other beneficiaries chasing you in the future for the inheritance you have gambled away.

Gavin83

ecclesto wrote: »

£23,000 left although I thought there was going to be an increase in the amount you could be left with...

It's actually £26,000. However this is irrelevant in regards to the charge as the property value will be taken into account.

In regards to your original question it is up to the individual local authority but most should be willing to do this. You would simply approach them, explain the situation and allow them to take over the payments. They'll take what they can (ie: pension income + rent income - personal allowance) and accrue the rest on the property with a charge put in place at the land registry. They'll then collect their debt once the property is eventually sold.