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We carried out some research with our members, in conjunction with the London School of Economics, to look at how families approach parental help when buying a property, and their experiences during this process. Earlier this year the Post Office launched its 'family-link' mortgage, which works by giving the first-time buyer a 90 per cent loan-to-value mortgage secured against the property they're buying plus an interest-free five-year loan secured on a close relative or parent's home. Most equity release loans now carry a no negative equity guarantee, meaning the borrower will never owe more than the value of their home. If your dad sadly passed away, then, if either you or your sister are over 60 and remain living in the property, a mandatory property disregard would still apply. Do I need to fit winter tyres to my car now it's colder, and what's the difference between summer and all-season tyres?
Buying a house as tenants in common allows the parties to hold the property in unequal shares, meaning it does not have to be a 50/50 investment. If my wife and I enter into a ‘Tenants In Common’ agreement, what happens if I die. I understand that the house will go to my wife in total. If my wife then has to go into care will the Council take the house to pay for her fees?. I also understand that if she dies then the house will automatically be passed on as per our mirrored will.There is always a danger when you sell a property and then intend to live in it, especially if the new owner dies, goes bankrupt or gets divorced. This is when the local authority pays the care home fees that the person owes (as well as the person often contributing from their income) and puts a legal charge on the property until such a time that the property is sold and the debt repaid, including interest and administration fees. The sale of the property could be delayed until your aunt’s death if you wish. Unfortunately we don't have enough detail to be able to provide you with relevant information. We recommend calling our Dementia Connect support line to speak with one of our advisers. They can listen to the full situation regarding your mum and provide information and support. However, they cannot provide legal advice. Please call 0333 150 3456 - the support line is open seven days a week: https://www.alzheimers.org.uk/dementia-connect-support-line If one of you went into care the home is usually disregarded. However, if you both require care, or if one of you dies, then the home will eventually need to be sold to pay for your care, unless your son is disabled, or at the discretion of the Local Authority. It may be that the Local Authority would put a charge on your property until you die, but at that point any fees need to be paid. For example, advisers for lifetime mortgages need specialist equity release qualifications, while those for various forms of retirement mortgage don't.
If your aunt’s home is included in her local authority’s financial assessment, she may need to sell it to pay for her care. However, there might be ways to avoid or delay this. Please call our Dementia Connect support line on 0333 150 3456 if you and your mum would like further dementia information, advice and support. Our advisers are available seven days a week: https://www.alzheimers.org.uk/dementia-connect-support-lineBuilding on this real world experience, this led us to produce the definitive guide on 'How to run the Bank of Mum and Dad'which shows how it works and the important things families need to consider. How does your pension compare to the average saver's pot - and will you get the retirement you want?
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