Advice to help recently widowed mother to move.

Madria66

My dad died suddenly last month and mum is keen to move to a smaller sheltered dwelling accommodation flat.  She has found one locally that she is very keen to buy for £150K.   The current house, although in dad's name will be passed to her ... she is sole beneficiary ... however sorting probate and transfer of the deeds could take a good few months.  The current house has been valued at ~ £300k so there will be capital to be released once everything is sorted.  We have looked at pooling our savings with her that are available now and we are approx £10 - £20k short of the new bungalow cost.    I had a quick look at bridging loans .... and decided to forget that asap !   Are there any loans anyone would recommend that might help out in this situation?

[Deleted User]

Not many. You'll need a mortgage as most lenders won't lend for property.

Madria66

Hmm, its over 55's only so we cant apply for the mortgage and Mum wont get one at 75!

DrEskimo

Is the £10-£20k short including all costs (e.g. estate agent fees, solicitors, stamp duty, etc.)?

Have you tried offering £130k for the property?

Madria66

Yes, we have tried that but it was a step too low for them sadly.  Which is a shame as the property has been on the market for getting on for a year.

macman

If it's been on the market for a year, then what is the rush? Why can't you put in an offer for the flat and then she can move in a few months when the current property is sold?
Probate for a simple sole beneficiary estate need  not take too long once you get the probate application in.
How about a personal loan for the shortfall?

Herzlos

Have you spoken to the estate agent about the circumstances? You may be able to put in an offer for £150k subject to the estate clearing which is at least a sale for the seller albeit they may need to wait a few months for it to transact.
There'd be nothing stopping you renting the place for a few months or coming up with some other arrangement.

MovingForwards

Madria66 said:

Hmm, its over 55's only so we cant apply for the mortgage and Mum wont get one at 75!

Have you / mom spoken with a broker? There are lenders who do offer mortgages to retired people.

macman

What would be the point of her obtaining a mortgage, with attendant fees, that she would be able to discharge as soon as the current property sells?
My advice to her would be to sit tight for a few months. She was only widowed within the last 4 weeks, and it's not a good idea to make such a major decision as moving house so soon after bereavement.

Marmaduke123

I agree it's too soon for your Mum to make such a major decision. Encourage her to stay put for at least six months, and see how she feels then. There will be other flats if this one is not still available, retirement/sheltered flats aren't  easy to sell.

Madria66

Marmaduke123 said:

I agree it's too soon for your Mum to make such a major decision. Encourage her to stay put for at least six months, and see how she feels then. There will be other flats if this one is not still available, retirement/sheltered flats aren't  easy to sell.

Marmaduke123 said:

I agree it's too soon for your Mum to make such a major decision. Encourage her to stay put for at least six months, and see how she feels then. There will be other flats if this one is not still available, retirement/sheltered flats aren't  easy to sell.

She suffers from Parkinson's.  Living on her own in a large house isn't going to be safe or practical ... she is aware of this and it's her decision to move to a single storey accommodation for her own safety.