Do I just let him sell the house?

angie_baby

Hi all, 

Dad is I'll with COPD and has been for years. Being in lockdown has made his mobility worse and he struggles to do simple things like take clean washing back upstairs, doing a food shop alone ect. He has for the last few months has this great idea of selling the house as it's in bad shape and needs work and just renting a 1bed ground floor flat, which is thankfully hard to find! 

His income is now reduced and he is very worried about money. If he keeps the house which is on a interest free mortgage until 2022 I can help pay until then. But it seems to me that he thinks selling the house is going to solve all his problems. I would like him to keep the house as long as possible as he can at least open his back door to the garden, even though this again is in a bad shape. Hopefully as along as I can keep working and get back on track myself I can help financially with repairs ect.

PIP are reviewing case it he is on the lower payment and I disagree as he cannot for example carry a light load more than 10 to 15 steps along with not being able to stand for long periods of times. 

Really I suppose I'm asking for any advice, I think he should stay and try to find help to keep him in his own home as long as possible. He thinks selling will solve his problems and he can then give me money too from the sale which I really don't want. 

Oh and he wants to use a we buy any house company which is offering way below value even though the house does need work.

Thanks for reading 

pmlindyloo

I am unsure why you are so against this idea apart from his using a 'we buy any house' company.

He is worried about money and the fact that he has an interest free mortgage which will need paying back in 2022.  How much is this?  Have you spoken to the mortgage company about this?  Will they expect him to pay it back then or will they put it off until later?

Regardless of the mortgage question your dad is struggling with money and seems to want to move so that he can enjoy some stress free life.

Not sure why you think this is wrong.

It may be possible to find a ground floor flat to rent with some outdoor space. Have you looked?  You don't say how old he is.  If he is over 60 there may be some housing for his age group in his area.  Something to explore?

I agree that using a 'we buy any house' company may not be the best idea.  Has he had a valuation of his house?

It must be stressful for him living in a house which needs repairs and not managing every day things.

I would embrace his decision and do everything I could do help achieve it.

But that is my opinion.  Perhaps I am missing something. 

And please make sure he is claiming any benefits that he is entitled to.

sheramber

What happens when the mortgage finishes in 2022? Is the house paid for or will there be a sum to pay.

While you want to help your dad  he may not want to be dependent on you. He may value his independence.

He may be unhappy seeing the state of his home and garden. 

What happens if something in the house needs urgent repairs?

 A ground floor flat sound a good idea for him but obviously it needs to be chosen with care.

Is  there any sheltered housing in your area that he might qualify for? Can the council help at all?

If he has a low income it would he should not give any money away as he might need it later.  

BrassicWoman

I live in a ground floor flat opposite a lovely piece of grass which I can sit out on, but I don't need to maintain.

I would loathe taking on again the responsibilities and costs of a house.

Do you have any reason to think your father is of unsound mind?

thegreenone

If he has COPD going up the stairs is going to become a big issue, if it's not now.

Contact an Estate Agent and get a valuation. My late Mum's flat is Under Offer for full asking price and needs complete renovation.  The Buyers were queuing up to view.  If your Dad wants an easy life from now on, what's wrong with that?

pinkshoes

There are two main issues here; money and mobility.

He is clearly living in a house that does not meet his needs.

Does the house have any equity? Is it possible for him to be able to buy a more suitable property if he sells that one? 

If he has an interest free mortgage, and it ends in 2022, then this means the lender will be expecting their money back that they lent him. e.g. if he borrowed £150k, then he still owes £150k as he has only ever paid off the interest. He (you?) need to contact the mortgage company and find out how much is outstanding. How did he intend to pay off the interest only mortgage when it ended?

If he is unable to pay the mortgage off then he might have to sell anyway, so selling now would be sensible.

How much equity is in the property? Get a valuation done by an estate agent.

sassyblue

If you leave it until 2022 and the house takes a while to sell what happens with the mortgage? You will have to repay the mortgage, repay the monthly repayments at a higher rate or even take out another mortgage until his house sells, can you afford to help then?

I think his best option is to sell now or you help with repairs and get your money back when the house sells at a higher price factoring in the repairs. 

I’m at a loss as to why you think this is a bad idea, apart from using the 'we buy any house' company of course.

elsien

It’s his house. He has capacity. How are you planning on stopping him? 

sassyblue

Also, I wouldn’t worry about ground floor flats being difficult to come across, they change hands more often than normal by virtue of the fact elderly or ill people want them. You could even post flyers asking if anyone is interested in selling their should your dad’s  house sell before one comes up.

could your dad move in with you if you use his equity to buy a bigger property for all of you? Or if there’s not a lot of equity get him down on a council list?

angie_baby

Thank you for all your replies, I suppose I am against selling the house just now as after selling for 260 he will only have 35k to last him. If he sold it for 300k it would be slightly more for him. I don't understand why he wants to sell right now when I can help with a mortgage of 400 a month but not a rent of at least 1000 per month plus all other bills. 

Plus when the 35k is finished I have very little hope of local authorities wanting to help re house him. 
35k will only last him 2 years or so renting. 
I have also found out that the reason so little will be left is because he has re mortgaged at least 2 during a past relationship.

We will obviously need to get some proper details of what's left ect but I was thinking that I could take the mortgage over for him when it runs out. 

I also understand not wanting to be a burden but I already spend around 6 to 8 hours helping him and if he cannot find a local place to rent it will mean more travel ect as at the moment I can be at dads within 10 mins on foot.

Lots to think about so thank you for outside input, it is really appreciated!

angie_baby

Also dad will not go into any sort of assisted living ect and has made that clear