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Right To Buy

#1 User is offline   lilacuk 

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Posted 12 April 2012 - 09:42 AM

My elderly parents have both lived in the same council house in the midlands since the early seventies.
My mother needs a stairlift and there is no movement from the council about fitting one.
I am considering lending my parents the money to take advantage of the new ruling on right to buy.
I would guess that they have already paid for the house many times.

Were one of my parents or both, to need residential care, would the cost of the care be taken from my investment in the form of a charge.
How can this be avoided or rather my investment protected.
My solicitor suggests the money is used as a loan to my parents, but who trusts a solicitor these days.

My parents do not want to be pushed around into a small bungalow. It seems sensible to buy the house.
Any ideas?

#2 User is offline   Peter Hun 

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Posted 12 April 2012 - 12:46 PM

View Postlilacuk, on 12 April 2012 - 09:42 AM, said:


My solicitor suggests the money is used as a loan to my parents, but who trusts a solicitor these days.



So trust some random dude off the Internet instead.

BTW, its not your 'investment', its theirs. If they both die withing 5 years the discount is repayed and no matter what the cost of care will come out of the asset value - you won't get it. Unless you own the house, which will take 7 years after they have outright ownership.

This post has been edited by Peter Hun: 12 April 2012 - 12:50 PM


#3 User is offline   trippytinker 

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Posted 12 April 2012 - 12:48 PM

I knew of someone in a similar situation. They purchased the council house in the form of a family loan which protected the property from having to be sold to meet care costs.
That was during the last Tory governments time & I believe Labour took steps to help protect the family home but if you don't trust your solicitor it's time to get a new one.

#4 User is offline   tim123 

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Posted 14 April 2012 - 03:28 PM

View Postlilacuk, on 12 April 2012 - 09:42 AM, said:

My elderly parents have both lived in the same council house in the midlands since the early seventies.
My mother needs a stairlift and there is no movement from the council about fitting one.


Don't wish to be unreasonable, but why should this be the council's responsibility?

One of the advantages of having a council property is that you ARE allowed to make non structural modifications to it.

So, ISTM that if you need a non structural modification (that the council wouldn’t do for someone who lives in an owned property) to make it suitable for an infirm person to live in, then that modification in a rented property is the responsibility of the tenant.

tim

#5 User is offline   Son of Taeper 

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Posted 15 April 2012 - 03:26 PM

View PostPeter Hun, on 12 April 2012 - 12:46 PM, said:

So trust some random dude off the Internet instead.

BTW, its not your 'investment', its theirs. If they both die withing 5 years the discount is repayed and no matter what the cost of care will come out of the asset value - you won't get it. Unless you own the house, which will take 7 years after they have outright ownership.


I think you got it in one.
I have a lot of time for many HPC members both rich and poor.

I suggest that just because a family member needs a stairlift, there is no reason to try to purchase a property at a knock down rate.

Shame on the op :angry:
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#6 User is offline   porca misèria 

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Posted 15 April 2012 - 10:08 PM

View PostSon of Taeper, on 15 April 2012 - 03:26 PM, said:

Shame on the op :angry:

I don't like the OP and others exercising undeserved privileges and jumping ahead of hardworking people (or in the OP's case, thinking about it).

But I can't blame him/her for playing the system. Just as with tax avoidance and the rich, they're just playing the system. Blame the system that makes one course of action more profitable than another for Bad Reasons.

#7 User is online   7 Year Itch 

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Posted 15 April 2012 - 10:12 PM

View Postporca misèria, on 15 April 2012 - 10:08 PM, said:

I don't like the OP and others exercising undeserved privileges and jumping ahead of hardworking people (or in the OP's case, thinking about it).

But I can't blame him/her for playing the system. Just as with tax avoidance and the rich, they're just playing the system. Blame the system that makes one course of action more profitable than another for Bad Reasons.

Wrong to sell

 JustYield, on 30 September 2006 - 02:00 PM, said:



 padington, on 02 December 2013 - 08:53 AM, said:

No need to sell up, the next phase of the economics cycle is going to be very positive for anyone that owns property.

All I'm sayings is, don't listen to the property bears people, they are wrong.

#8 User is offline   council dweller 

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Posted 16 April 2012 - 01:26 PM

View PostSon of Taeper, on 15 April 2012 - 03:26 PM, said:

I think you got it in one.
I have a lot of time for many HPC members both rich and poor.

I suggest that just because a family member needs a stairlift, there is no reason to try to purchase a property at a knock down rate.




Yep.

Get on to your elected representative about it (your local councillor) Failing that you'll have to dip into your own pocket.
Don't breed or buy while cats and dogs die. (sticker seen on back of van on M25)

'Materialism and ego fragment our world into opposing factions and make us lose sight of the whole. Find balance, transcend the demands of the ego, see beyond the materialistic values which trap us in cycles of competition and scarcity.' (Tao de ching)

'I hold three treasures close to my heart: the first is love, the next is simplicity, the third, overcoming the ego.' (more Chinese mumbo jumbo)

It's time for a revolution that will put an end to self-serving governments and the likes of Blair , Brown and Thatcher. (barebear)

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