Woul'd like to get elderly aunt new home

Londonsu

Thanks every one, she is happy to move, she only lives downstairs so a flat or bungalow would be the same as the accommodation she has now. She has never owned the property so the value is not an issue and its not an issue for us as we are not looking to sell.


Not putting an extension on, it would a brilliant idea but for the fact it would (IMO) ruin the look of the house.


G_M I hadn't thought of an agreement like a tenancy one and yes although we do all the repairs and have put in a new bathroom and kitchen we do need to do the safety checks I will sort that out after Easter.


And thanks for the input mossfar.

freeisgood

Room for a lodge in the garden perhaps?

marksoton

freeisgood wrote: »

Room for a lodge in the garden perhaps?

Many complications.

Services, separate CT etc....

franklee

Cherry_Gale wrote: »

What's perhaps more relevant is whether aunt is getting to live in a property that is equally as valuable (to her) as a place to live. e.g. as much space as she was able to use in the villa, at least as close to amenities, etc. Especially if there are other relatives around that might question the OP's good intentions!

That was what I was trying to think of with the lump-sum idea: if the house is worth more than a bungalow (to sell), you might say it was also worth more to live in. It might appear that the aunt was being 'palmed off', and how could that be countered?

The aunt has a life interest in the 1930s detached villa and this can be valued by a RICS surveyor. The value will depend on the value of the villa (that the OP describes as worth a fortune) and the age of the aunt. If the OP gets a good local surveyor they should be able to value the life interest so I'd suggest step one is for the OP to get this value.

Clearly a life interest in a small bungalow isn't going to be worth as much as a life interest in the villa so I'd suggest the OP should compensate aunt for the difference if she is providing alternative accommodation.

Alternatively if the aunt's life interest is worth enough perhaps she can buy her own small place outright if the OP buys her out.

The OP can protect herself by getting a professional valuation and by making sure aunt has obtained her own legal advice and getting any new agreement drawn up professionally. I do not see why the OP can't pay the professional fees for this as they want the move to happen. They should not attend the solicitor's meeting with the aunt though.

Finding an appropriately qualified solicitor may be tricky, when I had to find one who could answer questions about a life interest in a property I found that solicitors specialising in property didn't cut it and they directed me to a senior one who did inheritance planning as well as property. The OP will also need any documentation from when the life interest was setup - there should be an agreement that defines the tenancy.

Obviously the OP needs the aunt to agree to any change and so would need to make the deal attractive enough to her as the aunt could just stay put if all else fails.

Mojisola

franklee wrote: »

The aunt has a life interest in the 1930s detached villa and this can be valued by a RICS surveyor.

The value will depend on the value of the villa (that the OP describes as worth a fortune) and the age of the aunt. If the OP gets a good local surveyor they should be able to value the life interest so I'd suggest step one is for the OP to get this value.

Clearly a life interest in a small bungalow isn't going to be worth as much as a life interest in the villa so I'd suggest the OP should compensate aunt for the difference if she is providing alternative accommodation.

The value of either property is irrelevant to the aunt - she has the right to live in the house, not to any of the value of it.

As long as the OP provides a home suitable (in this case, more suitable) for the aunt, she still has all the benefit that the will gave her.

Londonsu

franklee wrote: »

The aunt has a life interest in the 1930s detached villa and this can be valued by a RICS surveyor. The value will depend on the value of the villa (that the OP describes as worth a fortune) and the age of the aunt. If the OP gets a good local surveyor they should be able to value the life interest so I'd suggest step one is for the OP to get this value.

Clearly a life interest in a small bungalow isn't going to be worth as much as a life interest in the villa so I'd suggest the OP should compensate aunt for the difference if she is providing alternative accommodation.

Alternatively if the aunt's life interest is worth enough perhaps she can buy her own small place outright if the OP buys her out.

The OP can protect herself by getting a professional valuation and by making sure aunt has obtained her own legal advice and getting any new agreement drawn up professionally. I do not see why the OP can't pay the professional fees for this as they want the move to happen. They should not attend the solicitor's meeting with the aunt though.

Finding an appropriately qualified solicitor may be tricky, when I had to find one who could answer questions about a life interest in a property I found that solicitors specialising in property didn't cut it and they directed me to a senior one who did inheritance planning as well as property. The OP will also need any documentation from when the life interest was setup - there should be an agreement that defines the tenancy.

Obviously the OP needs the aunt to agree to any change and so would need to make the deal attractive enough to her as the aunt could just stay put if all else fails.

Not sure what you mean about a life interest, aunt has no financial stake in the property, it belongs to my husband the only life interest is that under the terms of the will aunt has the right to live there until she dies there's nothing to buy out.


Its not about the value but about the accommodation, aunt lives on the ground floor as she cant get up stairs, so a bungalow or a downstairs flat (with a garden for the cats) would give her the same living space, there would be no rent and we would still pay the council tax.


The main problem is we live 2 buses away and we don't drive, take today for instance its Good Friday and we have no local bus today, so just to visit her would mean a half an hour walk and then a bus and my husband is 67 with mobility problems himself.


If we sold our home (which we own out right) and lived in the house we could buy aunt somewhere really near, there are two bungalows and a couple of flats for sale within 5 minutes walk and within the price that our house would well for so doable if there were no legal problems and then after aunt passes we would then sell the place bought for aunt which in turn would fund our future care if one of us needs a care home or we would rent and use the rent for care costs if need be.

Mojisola

Londonsu wrote: »

a bungalow or a downstairs flat (with a garden for the cats) would give her the same living space, there would be no rent and we would still pay the council tax.

If we sold our home (which we own out right) and lived in the house we could buy aunt somewhere really near, there are two bungalows and a couple of flats for sale within 5 minutes walk and within the price that our house would well for so doable if there were no legal problems

As you will be improving aunt's situation, I can see how your plans could be challenged.

duchy

As it seems likely the OP will be payng for all the moving costs etc to put auntie in the same position she was in if she hadn't moved -and will continue to assist her financially even if on a lesser scale (if she claims pension credit and reduced CT ) as well as practically.

If you already own a property then presumably the new higher stamp duty will be payable on the new home you buy for her to live in ?

Londonsu

duchy wrote: »

As it seems likely the OP will be payng for all the moving costs etc to put auntie in the same position she was in if she hadn't moved -and will continue to assist her financially even if on a lesser scale (if she claims pension credit and reduced CT ) as well as practically.

If you already own a property then presumably the new higher stamp duty will be payable on the new home you buy for her to live in ?

That's something I didn't know and will really have to look into it. thanks