Helping parents to buy a house

flourpower1

You are doing right by your parents and it's very generous of you.
You could get them on the housing register, get help from medical, social workers etc. then because your parents need your help they will become priority listed and a property for them to rent would become available quickly.
Then theirs could be sold allowing them some extra spending money yes they would have to pay rent until their income reaches a curtain figure but it would give them more freedom.

Mojisola

martindow wrote: »

Thanks for explaining the details. Although your parents are clearly restricted in their current house is it a good idea to move area in their 70s?

They will be nearer to you but will leave all of their friends behind. It can be very isolating starting afresh in a new area particularly if one or both are disabled.

It's a balance between what's for the best - it's lovely to stay near friends but if the family members who will provide care are over 2 hours away, then moving closer may be the preferable option.

AnotherJoe

In reality whilst might sound like a great idea to keep close to friends, how often are they able to get out to see them / do their friends visit as they get increasingly frail ?

teddysmum

flourpower1 wrote: »

You are doing right by your parents and it's very generous of you.
You could get them on the housing register, get help from medical, social workers etc. then because your parents need your help they will become priority listed and a property for them to rent would become available quickly.
Then theirs could be sold allowing them some extra spending money yes they would have to pay rent until their income reaches a curtain figure but it would give them more freedom.

Getting on the list and being priority can mean many people in between these two positions, but a big problem, in times where special (in fact any) housing is in very short supply, is that the couple would be from another local authority and the one where the OP lives would be obliged to give priority to its own long term residents.


Several years ago, when council houses round here were lying empty, my husband's gran was unable to get a council bungalow or flat (the former and ground floor flats, even then, being much sort after), as she needed to move from a different county , so my in-laws had to find her private accommodation.

boots_babe

martindow wrote: »

Thanks for explaining the details. Although your parents are clearly restricted in their current house is it a good idea to move area in their 70s?

They will be nearer to you but will leave all of their friends behind. It can be very isolating starting afresh in a new area particularly if one or both are disabled.

My dad really only has one person he keeps in touch with, and sees him about once a year. My mum does have a friend she sees about once a month which obviously would have to stop and just be via the telephone if they move. Although very coincidentally, my mum's friend's daughter moved up our way a few years ago, and lives very nearby. So it would be quite possible for my mum to still see her friend, whenever she comes up to visit her daughter.

It was our suggestion they move to somewhere stair-free, we did NOT suggest moving to be near to us (although I think it a sensible idea, as the less independent they get, they really will become isolated with no real contacts where they live now, especially when my dad can't drive any more).

So appreciate that is something to raise for consideration, but it's really not of a worry. My parents are the ones keen to move nearer so they see more of us. Living near us, they'll be able to go out and do things much much more often than they currently do We can drive them to places, go to see them regularly - every week if not more, instead of currently where we see them about 4 times a year.

downshifter

Have you looked at Abbeyfield? My mother is planning on going into one of these. Self contained flats/bungalows but with meals etc provided if required. Rent is incredibly reasonable and includes all the things she worries about in her own house - maintenance, garden, things going wrong, unexplainable bills etc. She will then sell her home in her own time (or even let it if she likes) and save the income in case she needs nursing care later.

Thinking of putting my name down myself, they look lovely!

AnotherJoe

downshifter wrote: »

Have you looked at Abbeyfield? My mother is planning on going into one of these. Self contained flats/bungalows but with meals etc provided if required. Rent is incredibly reasonable and includes all the things she worries about in her own house - maintenance, garden, things going wrong, unexplainable bills etc. She will then sell her home in her own time (or even let it if she likes) and save the income in case she needs nursing care later.

Thinking of putting my name down myself, they look lovely!

Do you believe going into a care facility is the right time to start a business, manage the tax and legalities and be coping with a tenant ?

boots_babe

downshifter wrote: »

Have you looked at Abbeyfield? My mother is planning on going into one of these. Self contained flats/bungalows but with meals etc provided if required. Rent is incredibly reasonable and includes all the things she worries about in her own house - maintenance, garden, things going wrong, unexplainable bills etc. She will then sell her home in her own time (or even let it if she likes) and save the income in case she needs nursing care later.

Thinking of putting my name down myself, they look lovely!

Not something I've heard of so thank you, I will have a look.

boots_babe

After everyone's help I thought I should post back following our solicitor's appointment yesterday.


It was a really useful meeting, he went through all our options and all the things we need to consider. Good news is there were no surprises, so the only things we had to think about were the CGT, care home fees, ensuring the will was able to work as intended. We also talked about scenarios in the future if we say had to invest further in the house to replace boiler, add a room, etc etc and how our money would be protected there.


The result is pretty simple and minimal in cost, and both us and my parents are happy so that’s good :-)


Mum and dad will buy the property as tenants in common, with my husband and I setting up a Declaration of Trust which effectively gives us 1st charge on our proportion of investment on the property. This incurs no additional taxes or levies for us or them.


Mum and dad will also amend their wills to each setup a lifetime trust to one another, meaning that when the first of them dies, the other gets their portion of the house ringfenced in the trust, available for them to use but protecting it from any care home fee requirement, should the remaining parent need to go into a home at some point.


This meets all our requirements and is fair to all parties, so we’re very pleased. Thanks again for everyone’s input.