Mum's inheritance doesn't stretch to a house... help!

webtalk

Toto wrote: »

I understand that but my point is they are in this 'situation' with this amount of money, feeling hard done by is another issue all together. My point is having made all of these sacrifices they should now be able to live rent/mortgage free and enjoy their retirement, not slogging away until they are 70 to service a mortgage they don't need.

I agree wholeheartedly

duchy

Good grief.
I too was a carer for my mother. I gave up my home to live with her. There is no way I'd expect the government to recompense me for that time-even if I had claimed the carers allowance (which I didn't).
I raised my ASD son whilst also caring for my Mum. I considered myself fortunate to be able to buy a modest house 30 miles from where I had been living (staying closer would have meant a mortgage) after her death. My career went down the pan during those years-So what ! She was my mother-I did it out of love not expectation of a financial reward.
I'm sorry but you have unrealistic expectations-your parents saved many years of rent or mortgage and now have a lump sum which will buy a house if not a mansion. It's called cutting your cloth according to your means. If your grandmother had needed a carehome because she was unlucky enough to be too frail or ill to continue in her house the estate would have been a lot less-what would your parents have done then ? They appear to have been relying on something that they did get but could very well have not got had circumstances been different. I think they should be counting their blessings not mithering about been hard done by. Plenty of carers are left with nothing or not enough to buy even a cheap home.

poppy10_2

suzyq wrote: »

If anything should happen to either parent there is the possibility of the house they buy having to be sold and used to pay for care home fees.

This is a key point - what's the point of sinking all that money into property when it will just be sold by the council in a few years time to pay for the care home fees? They should either spend in on holidays and plasma screens, or hand it down to their own children now, rather than waiting.

Running_Horse

One thing I have learned in life is to be grateful for what you have, particularly if it is hard earned and paid for. I cannot ever imagine complaining about inheriting "only" £250,000. If it that much of a worry to them, there are plenty of charities who will happily accept such a small donation.

seven-day-weekend

If your parents want to buy a property, and houses are more than they have for the area, why not look for a flat or retirement apartment, of for a house in a cheaper area? You could buy my house in Wolverhampton twice over for that amount!

I hope they will be able to get something nice.

davsidipp

sorry to sound harsh but they are very lucky to be left a large sum of money to buy a house and in east sussex you will quite a few properties around st leonards and hastings which are good value and i would not turn my nose up at maybe your parents are being slightly choosy at least they wont be homeless.

lewt

PasturesNew wrote: »

Yes, but you won't. Your spelling clearly identifies you as "peasant class" so no fortune for you.

lol, hello tibs, back again?

Ps. Bransons dislexic too. so that kinda shows your theory to be s h i t

webtalk

poppy10 wrote: »

This is a key point - what's the point of sinking all that money into property when it will just be sold by the council in a few years time to pay for the care home fees? They should either spend in on holidays and plasma screens, or hand it down to their own children now, rather than waiting.

Of course, you're assuming that one or both of them will have to go into a care home. That isn't inevitable. Many more people die in their own homes than in care homes.

It would only need to be sold to pay for care home fees for the surviving spouse if they were living alone. It would NOT be sold to fund the care home of one partner while the other is still alive.

seven-day-weekend

Rightmove has just come up with more than 100 properties at £225,000 or less in East Sussex.

I haven't looked at all of them, but right at the top of the list are some renovated retirement cottages in Seaford for £225,000. About third on the list is athree-bed semi in Bexhill for the same price.

Sounds good to me! Retirement by the sea!

wibbler

Hi all,

Thanks for your constructive and useful comments! To cover some of the recurring themes:

- My parents and I know that £250,000 is a lot of money, and we're lucky there is anything at all. The only reason I'm asking these questions is that we want to maximise the only opportunity they have - if there's a grant we've missed, or a scheme, why not ask and find out?
- They weren't expecting anything in return - but it was the only chance of getting anything for retirement, so it was obviously hoped for...
- They are not expecting help from the government or anything, that was my idea.

It's great that people sympathise - but yes, I agree there are places under £250,000. I suppose my main thrust was whether they should sit on their money at the moment?