Help with selling 2 houses and buying 1

xylophone

They have found the perfect house for them all which is also chain free and ready to move into.

Will the owner rent the property to your parents and agree to sell them the property at market value as soon as their property and that of your grandparents has sold?

Be aware that if only your parents own the new property, then the money provided by your grandparents will be a gift with reservation of benefit as they are making it in expectation of being housed.

vlevans

I think i’ll Suggest to mum and dad to ask the owners if it’s an option they will consider.

Dad seems to think a short term loan (1 year) for the full amount would be better. Is this something they could get?

vlevans

Also does anyone know where mum and dad will stand if eventually grandparents need carers to come to the house or even go into a home

xylophone

Also does anyone know where mum and dad will stand if eventually grandparents need carers to come to the house or even go into a home

It appears that in your grandmother's case with only months to live, the question of paying for care is not relevant to the situation.

If the whole of your grandparents' money from the sale of the house is put into the property and their names are not on the deeds, they will certainly be regarded as having gifted your parents the money.

The LA could look at this as deprivation of capital - on the other hand, if your grandparents are not required to make any contribution to their living costs, (food/utilities/ house maintenance etc) and particularly if your grandfather reaches a ripe old age in the property, the money could possibly be regarded as an advance payment for board and lodging.

Your grandparents presumably have some savings/pension etc - should your grandfather need carers then it is likely that he would need to bear some of the cost, depending on his situation.

I suppose at the worst, your parents might need to mortgage the property to help fund your grandfather's care.

hazyjo

Doesn't sound like a great idea to me. Will prob take 3 months to buy, maybe 2 if very quick (but can't see your grandparents being able to do things too quickly, plus it's a VERY stressful process!). Not to mention the other points listed above.


Could your parents maybe rent or buy somewhere nearer to your grandparents? Or do they need full time care? Do your parents still work at all?