Do I just let him sell the house?

theoretica

It sounds as though the house is not what your dad needs - it has stairs and needs more looking after than he can do.  There is also the looming question of what happens when his mortgage comes to an end.  If he rents, someone else would look after the maintenance and he might be able to get benefits to help with the rent when he has spent his savings.  Some areas have housing only available to the over 55 or 60s but which isn't 'assisted living'. I am sorry, but it doesn't sound as though stairs are going to get any easier for him and is pushing him to stay needing to deal with them a kindness?

I do entirely agree with you that he should sell the property for a good price - but that he suggested the we buy any home implies he was looking for the fastest and easiest way for him and may want some help with selling, and identifying potential places to move to.  Perhaps you could go and have a chat with an estate agent about the market and what exists and how to find a long term rental place.

BrassicWoman

I think you should perhaps also post on the benefits board. help is available with private rent once savings drop.

But - it sounds like dad has made his mind up. And it sounds like he may be quite strong willed. Having been there - let him investigate on his own. Don't be too eager to help. Eventually he'll work through it; or events will overtake him. Don't become the nag, or he'll fight even when there's no reason to. It's really difficult to step back and see someone makes what you think are poor decisions; but I can see you easily getting stuck volunteering financial support until the end of his days. Let the benefits system pick up the slack, and let dad adjust his lifestyle to his means.

elsien

You can’t just take over the mortgage from him, unless you mean paying it ion his behalf. But then the house will still be in his name and you potentially risk losing everything you have paid in. 

Perhaps you could clarify what you mean by taking over the mortgage, just so we are clear? What is the plan for when the current mortgage ends - will he get another one now in his present financial situation? 

He could look at social housing for older people - it’s not all assisted living. A friend’s mother who was fit and healthy moved into a council flat for the over 55s. No support of any sort provided - might be worth exploring as an option. 

angie_baby

Sorry for not being clear.

I have been giving the 400 for the last 2 months as his job has changed due to his health. This has meant a major drop in his wages. Universal credit wont help at the moment as he is earning around 700 to 800 a month. I dont care about getting the money back I just want him to be happier and not stressed about the money. 

I think I'm worried that if he sells and spends it all he will be in a worse position in 2 years than he is now. And worried that he wont get any financial help as he doesn't seem to be getting any now. Universal credit said they wont even think about helping with the mortgage for 6 months I think.

I need to make sure he is getting the right benefit support and really need PIP to check his case again, a letter has been sent. 

Thank you again, it has been really helpful to see others input and see another point of view. 

elsien

UC aren't going to be paying his mortgage for him while he is earning. Fuller details here,
Housing costs and Universal Credit: Living in a property you own - GOV.UK (www.gov.uk)

In that respect, he may be better off renting and seeing what he can claim towards the rent once his savings have run down.
It may be worth checking local rents, local housing allowance and running some speculative figures through one of the benefits calculators presuming he carries on earning what he does now, or if he has to stop working completely, but do it on the basis of no savings. That will give you the chance to check what the help he may get compares to his situation now. 

Alter_ego

Just to clarify. Do you mean an interest only mortgage rather than interest free mortgage?

TBagpuss

It sounds as though the current house isn't right for him so it's reasonable for him to want to move.

If he only has £35K equity then he won't be able to buy a new property, but it will allow him to cover the rent for a couple of years - after that, he may qualify for some help.

You might also look into other options - for instance, might you be able to get a joint mortgage to help him  that way?  Are there any shared ownership properties he might be able to afford with a small mortgage? (This would normally give him more security than if he was renting privately, and he would still be able to apply for help with the rent if his financial situation worsens.

It sounds as though he may be forced to sell next year when his fixed rate comes to an end, if that means that the mortgage payments increase, and in the mean time he is housed somewhere that's not suitable for his needs and which he can't afford to maintain. 


I think it would be worth you suggesting to him that you get several agents to give marketing advice and also consider whether there is anything which would be likely to make the property more saleable - it may be worth while you lending him money to cover (say) any smaller repairs / maintenance / clearing the garden so the property is better presented and easier to sell, if you think (having spoken to agents) this would be worth while and likely to result in his getting a significantly better price than if he sells as is to a webuyanyhouse type company. 
 

thorsoak

I'm not sure from your posts if you live in the property as well - am I misundertstanding the situation?

If you do live there, would you wish to be able to buy the property (at market value) - would you be able to afford a mortgage?  

Your father would most definitely be better served in a small one-bedroomed ground-floor flat - these are available to rent (often at very short notice) and your father would not then have to worry about maintenance bills.

angie_baby

thorsoak said:

I'm not sure from your posts if you live in the property as well - am I misundertstanding the situation?

If you do live there, would you wish to be able to buy the property (at market value) - would you be able to afford a mortgage?  

Your father would most definitely be better served in a small one-bedroomed ground-floor flat - these are available to rent (often at very short notice) and your father would not then have to worry about maintenance bills.

No I do not live at the property. I would not be able to buy outright or get a proper mortgage 

angie_baby

elsien said:

UC aren't going to be paying his mortgage for him while he is earning. Fuller details here,
Housing costs and Universal Credit: Living in a property you own - GOV.UK (www.gov.uk)

In that respect, he may be better off renting and seeing what he can claim towards the rent once his savings have run down.
It may be worth checking local rents, local housing allowance and running some speculative figures through one of the benefits calculators presuming he carries on earning what he does now, or if he has to stop working completely, but do it on the basis of no savings. That will give you the chance to check what the help he may get compares to his situation now. 

Thank you. He was told by the job centre that he wouldn't get help for 6 months. 

Turns out dad has told work he cannot work anymore from today. So he will not be earning anything after this month. Which again changes everything.