Options for selling house

Star81

Hello! My husband and I owe around £20,000 left on our mortgage but we are hoping to move house when it's paid off. We are confused about our options, we don't know if it's better to rent a property, whilst either renting our current house or sell it completely. If we sold our house would we be eligible for going on the Council housing lists? We are also concerned about the proposed Dementia tax and what this means for our future. We are in our mid 50s.

-taff

You wouldn't be eligible for council housing because you've made yourself intentionally homeless.

Cheeky_Monkey

Not to mention all the money they'd have sitting in the bank from the house sale!

Red-Squirrel_2

If you want to move house, the usual thing is to sell the one you have and use the money to buy a new one. Is there any reason why you aren't considering this?

G_M

and if you're worried about your old age, savings, care costs etc, then you need specialist advice from a financial planner.

Cakeguts

By dementia tax do you mean that the last thing you will have left to spend your money on will be your care. Basically this money is no good to you when you are dead.

Caroline_a

No idea why there's all this knee-jerk reaction about the so-called dementia tax. If you go in a home now, once your money runs out your house will be sold to pay for it. As far as I can see (although I understand this particular bit of proposed legislation has been dropped), the only change is that people will be left with more money than now from deceased relatives.

t0rt0ise

Caroline_a wrote: »

No idea why there's all this knee-jerk reaction about the so-called dementia tax. If you go in a home now, once your money runs out your house will be sold to pay for it. As far as I can see (although I understand this particular bit of proposed legislation has been dropped), the only change is that people will be left with more money than now from deceased relatives.

The difference with what happens now and what the tories are proposing is that those who have care provided in their own homes will also have to use the money from their house to pay for their care. At the moment it is only the couple of hundred thousand who go into residential care affected, with this proposal it will also affect the 5 or so million who stay at home.

I don't offer an opinion on whether it's a good or bad thing, I just wish that people wouldn't say there is no difference from what happens now and this proposal when there clearly is.

Tiners

Red-Squirrel wrote: »

If you want to move house, the usual thing is to sell the one you have and use the money to buy a new one. Is there any reason why you aren't considering this?

Get with the programme... selling your existing house to pay for your next one?... What a ludicrous notion! That's so 20th century!

It's all about house hoarding now and looking at every means possible, no matter how inconvenient and impractical, to hold on to your existing house AND buy your next one.

AdrianC

Star81 wrote: »

We are also concerned about the proposed Dementia tax and what this means for our future.

IF - and it's a big if, in case you've missed the news for the last couple of days - it happens, it'll actually mean the beneficiaries of your will would be left with much more of the value of your house if you need residential care, and would merely have your owned home taken into account with your other assets (including rental properties or large bank balances) if you needed care in your own home.

myslef

You can always rent your property if it is suitbale in your situation and eventually pay the mortgage back on rented money.