Feeling utterly overwhelmed and not sure where to go for advice

faerielight

I'm sorry, I'm unravelling online, I need to try and get my head togehter, thank you all for the practical advice

Malthusian

Presumably you meant £600,000 rather than £60,000? From your previous posts and your talking about buying a house and/or a buy to let, I assume it's a typo but I had to check...

Being a landlord is a stressful job so I would forget about buy-to-let from the start.

Assuming you will have a substantial amount of money which will be used to cover your living expenses for a prolonged period of time (5+ years), you should see an Independent Financial Adviser to help you ensure the money is sensibly invested.

Do you have a Lasting Power of Attorney in place to ensure that someone would manage your finances if you became unable to?

Yorkshireman99

faerielight wrote: »

it looks like my inheritance is now imminent.. They didn't inform me when probate went through, or that my uncle executor put my mother's house on the market and an offer has been accepted, until my solicitor put pressure on them. I don't know the final amount, but it looks like although she remortgaged half a millionl, she has some savings plus some shares, so it's going to be more than I thought, around £600,00.. it's such a hefty amount, I know I'm lucky, but I have no idea what to do.. All I've known is disability benefits, and poverty, I know nothing about money.. I need a home, even more so now, as my latest landlord is selling my flat so that's a bit precarious, as I know they want to get market rent for it, and I am desperate to get away from the renting and at least have the security of a home.

I have a hefty social care bill of £650 a month, I know nothing about paying for social care in regards to owning property etc, so that's a big outgoing, although I could probably cut my care down a bit. Obviously I'm going to lose ESA, but I need to figure out what I have to live on . I don't know what best to do with the remainder once I buy a home., whether to invest in another property as a buy to let, also whether to live alone or with my friend and rent to her.

As I'm so seriously ill, disabled and with mental health issues, it's not like I'm well enough to work much. I just feel so utterly overwhelmed and not sure where to turn to get advice and get a plan together.
I don't know what costs and responsibilities are with buying a buy to let and being a landlady.

I know this is catapulting me into a first world problem and I am truly grateful as I never thought I would get any inheritance, but I'm out of my depth, having never any experience , and my mind can't even comprehend that amount of money. The last worry is that I have really poor impulse control ,with the BPD, plus dyscalculia, especially when I'm under stress, so I need to be sure that I can't overspend due to my mental health. If anyone has any advice or signposting, that would be great, What I don't want is for the money to drain on my rent and care for too long, without having a plan for getting a home and investing in the rest somehow.

Ask the solicitor to suggest an IFA known to him who is familiar with dealing with vulnerable people.

Jenniefour

I also agree with forgetting the rental property - potential for stress to you is too high and there are other ways of making this money work for you and produce an income.

What I would add to what has been said already - be very careful indeed about who you share this news with, as people can suddenly find themselves being expected to fund expensive holidays, buy ridiculously expensive gifts or loan/give amounts of money. That includes family and friends.

You need some professional help as YM and Malthusian have said, so you are getting reliable and trustworthy advice and assistance.

Good luck, OP.

Margot123

One of my friends was in a very similar situation to you and sought advice from a local disability rights charity. They were a godsend in helping her to take a step back and take one thing at a time, they also put her in contact with appropriate support workers. She even discovered that she was still entitled to quite a lot of Govt help despite her new wealth.
Obviously they couldn't give financial advice but were such a help for her when she felt like her head was spinning.

Teapot55

Here are my thoughts on the maths of your situation:

• Your social care bill for the next ten years would be £78,000 in total. (£750 x 12 months x 10 years)

• Depending on where you live, just a guess at the price of a flat or house: £200,000.

• Taking those two away from the £600,000 inheritance leaves you with £322,000.

• If you are used to living on £10,000 a year that amount (£322,000) could last you more than thirty years.

The advice people have given you above is very good.

One other thought: if you can afford to buy your flat from your landlord it might be better than all the upheaval of moving?

faerielight

thanks so much guys for the support and suggestions.. yes I did mean £600, 000 discalcula! There are some good dieas here, I was worried about being a landlady with serious illnesses.. I'm mostly in bed these days when I'm not at hospital.
I didn't know that there were finantial advisers who specialise in dealing with vulnerable people.. I will look into that.
I live in Brighton, which is sooo expensive,but moving too far out isn't an option, although the suburbs are cheaper than where I live now, which is central. I really can't buy this flat I'm, I've struggled for years with it not being suitable for my disability.. I long to be able to wash properly and not to struggle with really steep, narrow stairs, plus it's a very damp basement and it's exacerbated my asthma.

I won't be telling many people about this figure, luckily, I only know 4 friends! Thank you all for not being judgemental, I just didn't know how to get advice.

eddyinfreehold

Faerielight

I have been involved on this forum because of my father's death and difficulty with getting the tax sorted out.

I am, as an aside, the carer of my adult daughter who has cerebral palsy and attends a local Scope College. I realise that this is a completely different issue to anything that you have been or are experiencing but I am reasonably familiar with the way the authorities deal with people in difficult circumstances. I have to hold my hand up and say 'good on you for coming forward and asking for help' .

My advice would be:

Try not to talk about your changed situation if you can help it. There will be lots of people who suddenly become friends when they know you have come into money.

Don't do anything suddenly. Put your money into something reliable like National Savings Certificates where it is rock solid safe until you have the time to think about what you want to do.

Avoid any idea about buy to let. You might find all the administration far too much to cope with on difficult days.

Focus on finding a suitable place for you to live where you don't pay rent; buy a place where you want to live near your friends where there is good transport (buses taxis) and is easily accessible if you think you may have mobility or visual problems in the future. We have adapted a house like this for our daughter but had to build on and put a lift in. It works really well now and my wife and daughter and myself live in it. My daughter's brother and sister have moved out now but they come back regularly.

Go and talk to Welfare Rights in Brighton,

https://www.welfarerights@brighton-hove.gov.uk

...and explain the position you are in and what you would like to do without having any of those benefits you are entitled to as a disabled member of the community stopped. Welfare Rights are a very good organisation. Take some ID with you to them and evidence of your current position (DLA or PIPS and any other benefits). Don't let anyone keep any important papers, but let them take a copy if you think they can help.

I hope it works out well for you. You deserve it ! Good Luck!

faerielight

thanks so much Eddie for your advice and the link, I will contact them on monday due to my rapidly progressing physical illnesses, it is highly likely I will need a wheelchair at some point, and coupled with this being the last move I want to make, I do want to find a suitable flat, that can be adapted if needed.

I've never heard of national savings certificate, I'm going to do some reading up on it today.. thanks again

Margot123

faerielight you have taken the most important step, and that is in asking for help. A sudden influx of wealth could throw you off balance very easily even if you didn't have your disability issues. Good to hear that you are contacting the relevant support in your area; that will start the ball rolling towards being able to use the money in a positive way.

I think you have most likely scrapped the idea of being a landlord. I'm able-bodied and found myself an 'accidental landlord' when taking over power of attorney for a relative. It is stressful to say the least, I would lie awake at night dreading the tenant calling with issues about the house (he even rang at 7am one morning about a squeaky toilet seat!). Avoid at all costs, and make good use of that money making yourself comfy and secure.

getmore4less

The key seems to be finding the right place to live.

The longer term issue for those that are income challenged is maintenance of property.

Getting the right balance as investment in a low maintenance place can pay off even if costing a lot more up front.