Loans on parent's home

SittingBull

My sister and I are Trustees of our mother's flat via a Deed of Settlement whereby she can live in the flat as long as she wished and when the flat is sold the proceeds are paid to myself and my sister. She has recently moved into a care home and so will now sell the flat. However we need to raise cash in the short term to contribute to care home fees whilst we go through the selling process. Any advice please on the best approach for this eg personal loans, remortgage, bridging etc and what type of organisations to contact?

jonesMUFCforever

I have to ask - was this done to reduce her assets to stop her having to pay care fees? (Deprivation of assets)
If not how long ago was this set up?

We have no idea of your incomes or financial situation to help further.

MEM62

I assume, as you are trustees, that the intention is that you receive the monies from the sale of the property and that this is then invested and used to cover your mothers care costs. If that is the case then you will find that, in some cases, the care home will give you a little leeway so you have time to liquidate your mothers assets. If you cannot arrange this then speak with your local Council to see if they are able to assist in the short term.