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What is the best option?
Beatle_Ray
Posts: 201 Forumite
Hi there,
My question falls in to two parts really and i need some advice please. My mother suffered a stroke recently and is still in hospital, she will go straight to a nursing home which we will have to pay for since her assets are over £21,000. She lived on her own. The house is now empty however we do look after it. The house is a four bedroomed property in Tottenham, N17.It does need some modernising though. Do i tart it up a bit and rent it out as one house or do i convert it into two separate properties and rent both out.
Also, she has about £100,000 worth of cash assets, does anyone know about annunities, how they work, are they worth doing, i'm thinking of doing this to pay for care, which is about £800 per week, what are the best companies to deal with.
I do have power of attorney by the way and there is no possibility of my mother returning home since she will need 24 hour medical care. Lastly what would be the going rate for this rental and would i pay any tax on this since primilary it will be in my mothers name.
I look forward to the replies, thanks in advance.
Beatle Ray
My question falls in to two parts really and i need some advice please. My mother suffered a stroke recently and is still in hospital, she will go straight to a nursing home which we will have to pay for since her assets are over £21,000. She lived on her own. The house is now empty however we do look after it. The house is a four bedroomed property in Tottenham, N17.It does need some modernising though. Do i tart it up a bit and rent it out as one house or do i convert it into two separate properties and rent both out.
Also, she has about £100,000 worth of cash assets, does anyone know about annunities, how they work, are they worth doing, i'm thinking of doing this to pay for care, which is about £800 per week, what are the best companies to deal with.
I do have power of attorney by the way and there is no possibility of my mother returning home since she will need 24 hour medical care. Lastly what would be the going rate for this rental and would i pay any tax on this since primilary it will be in my mothers name.
I look forward to the replies, thanks in advance.
Beatle Ray
0
Comments
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Well for a start, an annuity is basically a gamble on how long you think you will live.
The longer you live the more you receive. The rates also change often, but I doubt whether 100k would ever provide £800 per week.
As for the house, you will need to look at the local market to see what types of properties are in demand and what sort of rentals they command.
Converting into 2 flats will cost a lot more money than doing it as 1 house.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
dolce_vita wrote: »Converting into 2 flats will cost a lot more money than doing it as 1 house.
Also this has been done to so many properties in London, there is now a shortage of whole houses. People are buying the two or three flats in a house, reconverting it to a single house and selling because it is worth more than the three flats.
The maths might not work that way, but it's not a surefire money spinner now that there is a glut of flats and a shortage of houses.0
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