Shared Family Ownership and Care

MCLF

I'd suggest seeing a solicitor to get advice.

Your parents are likely to need carers visiting them at home to help with things such as washing and dressing as time goes by. You may think that you'll help them, but it can become very time-consuming and heavy work (especially with two of them).

If they should need carers at home then their savings will be taken into account, but not the value of the house. The property where they live is discounted. So you buying them out is not necessarily the best option.

From what you've said, they have substantial savings so should they both suddenly end up in residential care the savings will cover the fees for a while - giving you time to get a mortgage should you wish.

gt568

theoretica wrote: »

If you could take out a mortgage to buy them out now, you could probably do this later, if the care home and sale issue does come up.

I get what you are saying, but if I had to mortgage I'd rather do it sooner than later, I'm no spring chicken either!

gt568

MCLF wrote: »

I'd suggest seeing a solicitor to get advice.

Your parents are likely to need carers visiting them at home to help with things such as washing and dressing as time goes by. You may think that you'll help them, but it can become very time-consuming and heavy work (especially with two of them).

If they should need carers at home then their savings will be taken into account, but not the value of the house. The property where they live is discounted. So you buying them out is not necessarily the best option.

From what you've said, they have substantial savings so should they both suddenly end up in residential care the savings will cover the fees for a while - giving you time to get a mortgage should you wish.

Interesting, it's difficult to decide because it is all based on what ifs and maybes...

If they did need to pay 100k isn't going to last long....

Jackmydad

Life's full of "what ifs and maybes"
Nothing you can do apart from understand the problems and solutions, and keep your options open as far as possible.
Seems to be what you're doing.
Good luck.

Gavin83

Can't you just put aside the money you'd spend on remortgaging and use that to buy them out in the future if need be? You might well still need a mortgage, but it'll be far smaller and you won't be paying interest on the mortgage in the mean time.