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Where There's a Will


Is my investment in my Parent’s property safe?

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The Council’s right to Buy Scheme is a very attractive proposition to people who have lived in their property for a long time.   Buying a house worth £90,000 for £30,000 is a no brainer, isn’t it?!? However, most people eligible for the scheme are retired, with little disposable income, so where can they find £30,000? Very often, Sons and Daughters are enlisted to help. However, this involves some risks. The Risks When the Parent(s) buy the house in this way, the title deeds to the property must be in the names of the Parent(s). But if the Children have effectively paid for the property: 1.  What if the Parent(s)  go into residential care – is the house available to the Local Authority to pay for care fees, and will the Children lose their investment? 2.  What if the Parent(s) Will leaves the property to someone else, or shares it between all of the Children but only one or two have actually paid for the house? The Solution To ensure that your financial help to your Parent(s) is protected, you should consider making a Declaration of Trust. They are usually quick and simple to set up.  And what they do is secure your investment in the property so that when and if your Parent(s) sell the property you can get your share in the equity back. You may never need it.  but if the Parent(s) go into care, or pass away, then you know you will be getting your investment back.   For more information please contact Richard Howard on 01623 448 318 or mailto:rhoward@fidler.co.uk

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