Need £20K

lottieholder

I don't owe anyone anything at the mo. I want to stay that way. I was debt free until my divorce 17 years ago when I ended up as a single parent on benefits. I ended up owing loadsa money. My ex had the clout and the money to take me to the cleaners and succeeded.

It took me years to pay the debts incurred. My OH died 2 1/2 years ago without leaving a will. I have the house for my lifetime on the condition that I undertake to do the work we were planning just before he died. The court case has not only taken every penny he left me but my savings too. The work will cost around £20K. Although I work when I can, at 60 I don't get many jobs. Finding £20k out of my pension is difficult. I don't want to borrow the money at the same time saving up is going to be incredibly slow whilst the costs of doing the work keep going up.

I want to use the house to earn money, which means turning it into a B&B.

I need advice on this, borrow/not borrow. Slide into the sunset in an old-fashioned, expensive (to maintain) house, slowly turning into a slum.

I am really, really scared of owing money to anyone ever again.

jonesMUFCforever

If you are scared don't do it.
You say that you have the house on condition that you do the work planned but surely the death of your partner has changed all that unless the estate left you some money to proceed.

Who gets the house after your demise?

If it is the kids then ask them to pay as they will benefit (eventually).

They can't kick you out of your home but even if they could it would not cost you £20k to relocate?
Do you really want the hassle of running a B&B in your retirement years?

Biggles

lottieholder wrote: »

It took me years to pay the debts incurred. My OH died 2 1/2 years ago without leaving a will. I have the house for my lifetime on the condition that I undertake to do the work we were planning just before he died.

I don't understand. If he didn't leave a will, who laid down the conditions? Surely, the house just belongs to you outright?

What happens to the house if you don't comply with the 'conditions'?

lottieholder

It's a very long story. Basically OH's daughter lied and cheated to get OH's estate and to stop any further costs on both sides we came to an accommodation. I agreed not to let her go to prison for fraud and I got the house. I could have gambled and probably won the estate outright but the potential legal costs were so phenomenal it wasn't worth the gamble.

The house is entirely mine for the rest of my life to do with as I wish. I just can't leave it to my children. They aren't worried as they have money coming from their father, eventually. They just want me to be comfortable and worry free.

lottieholder

Biggles wrote: »

What happens to the house if you don't comply with the 'conditions'?

I don't know. No-one has told me. I do know that they tried to make a condition of 6 months, but owing to the difficulty of getting a builder due to the floods last year, there is no time condition.

richt71

I'd advise speaking to someone from CAB to get professional advice as it sounds a strange situation to me.

lottieholder

richt71 wrote: »

I'd advise speaking to someone from CAB to get professional advice as it sounds a strange situation to me.

Indeed, but as (strangely)I'm an accountant, and I've been to our local CAB before, I don't think they can help. My expertise is in bookkeeping not loans and savings. So I was hoping for some lateral thinking, not something you will get from the CAB volunteers. I'm trying very hard to be polite here, but most of them seem to be rather old and more into helping with social work problems.

mountainofdebt

Instead of turning the house into a B&B would it not be better to take in a lodger?

Also if you (or your children) don't benefit from the house (and any money that YOU spend on it) would it be an idea to look at other forms of accomodation - what about warden controlled accomodation - or do you feel too young for that yet,lol???

foxwales

You say that you are required to put the property into a state which was agreed by you and your husband before he passed away.

Where has this agreement come from? Is it a verbal agreement or is it a legal condition to you remaining in the property?

Who's name(s) are on the deeds to the house?

Providing you keep the property in a good state of repair and carry out any needed work that would undermine the value of the house; then I really don't see any need for you to spend any money on changes to the house which alter it cosmetically or unnecessarily.

If you are subject to a legally binding agreement to put the property into an agreed state as part of your right to remain in the property; then you could possibly contest this if it were to put you in a position of financial hardship.

The key thing for you to find out first, is who's names are on the deed as this gives the owner(s) of the property legal right; and also what form of agreement this originally was.

If it was just a verbal agreement between you and your husbands daughter; then simply ignore her stating that making those changes would put you under financial hardship; and im sure your husband would not have wanted that.

Let us know how you get on; and chin up

lottieholder

foxwales wrote: »

You say that you are required to put the property into a state which was agreed by you and your husband before he passed away.

Where has this agreement come from? Is it a verbal agreement or is it a legal condition to you remaining in the property?

Who's name(s) are on the deeds to the house?

Providing you keep the property in a good state of repair and carry out any needed work that would undermine the value of the house; then I really don't see any need for you to spend any money on changes to the house which alter it cosmetically or unnecessarily.

If you are subject to a legally binding agreement to put the property into an agreed state as part of your right to remain in the property; then you could possibly contest this if it were to put you in a position of financial hardship.

The key thing for you to find out first, is who's names are on the deed as this gives the owner(s) of the property legal right; and also what form of agreement this originally was.

If it was just a verbal agreement between you and your husbands daughter; then simply ignore her stating that making those changes would put you under financial hardship; and im sure your husband would not have wanted that.

Let us know how you get on; and chin up

The deeds are in the joint names of my stepchildren. I have an agreement signed and sealed by a judge that the house is mine for the rest of my life. I am to keep it in good order and to rebuild the kitchen as planned.

The kitchen was added on in the '80's, very badly and cheaply. It is falling down and I have already had to put a temporary new roof on it when it fell in whilst all the legal stuff was going on. If I live as long as the rest of my family, I have a very long and healthy time to go. I don't want to live it in a house with a virtually unusable kitchen. The £20k is to rebuild the kitchen, put in a new boiler and revamp the bathroom.

To be fair, they thought they had left me enough money to do the work, and so did I until I got a final bill from my solicitor listing "unbilled" work. This came to almost exactly what I had left.

lottieholder

mountainofdebt wrote: »

Instead of turning the house into a B&B would it not be better to take in a lodger?

Also if you (or your children) don't benefit from the house (and any money that YOU spend on it) would it be an idea to look at other forms of accomodation - what about warden controlled accomodation - or do you feel too young for that yet,lol???

I did consider taking in a lodger, but to be quite honest, I don't fancy having someone else living permanently in my home. If I do B&B I can choose whether I want someone here or not. I also want to be able to accomodate my family and friends from time to time. I would benefit from money spent on the house exactly the same as I would if it was eventually going to my children.

My stepchildren have already tried to put me in an Old Peoples Home or Warden Controlled Residence. I'm a very fit and healthy 60 year old. I build dollshouses and love gardening. I would suffocate in a small flat with no room for my hobbies.