Is it worth downsizing to free up money?

[Extremelytrying]

I apologise if this has been asked before, I did have a look through the threads but couldn’t see anything to answer this particular question.
My husband has Alzheimer’s, probably mid-stage, and seems to be progressing rapidly. I am trying to work out the finances for when he goes into care full time, as I know will happen at some point as I won’t be able to care for him.
We own our house as tenants in common. He has less than £23000 so would qualify for help in paying fees, although we would top up to allow him to go to a care home he has used for respite and likes.
Once he goes in full-time I understand that his state pension and Attendance Allowance go with him, as well as half of his teacher’s pension, and the other half of the latter would be paid to me to help maintain the house.
The problem is that the house is expensive to run, and I would find it hard to pay the bills on what was left. So I wondered if it would be worth moving to a smaller and cheaper property to free up some money.
My question is: if I sold the house, presumably half of anything left over after buying a smaller one would be his, so would that mean that he wouldn’t qualify for subsidised care any more? In which case,I would be paying all the care home fees and would use up that ‘extra’ money quickly.
So is it worth even considering?
Or have I got this wrong?

I would be interested to have some advice about this.
Thankyou

 

[DeeCee7]

Hello @Extremelytrying it’s certainly a minefield knowing what’s for the best. I think you are correct in thinking that if you free up some capital from your present home, it will go straight to his care needs fund, so probably not your best option.
If your finances are reduced, have you explored avenues such as pension credit which then opens up other means of help.
Living on your own, you will get reduced council tax.
There’s also the possibility of renting a room, having a lodger etc.
I am sure others will be along soon with wider experience on this.

 

[Banjomansmate]

Have you factored in the actual costs of downsizing, estate agent, solicitor,moving and stamp duty, as well as repairs, decorating the new property? Most older people don’t downsize because it costs too much!

 

[Extremelytrying]

Thanks for your prompt replies @DeeCee7 and @Banjomansmate.
I get reduced council tax anyway due to his Alzheimer’s, 25% reduction. Would it be more then as a single person?
I did ask the council about the implications of getting pension credit and they said it wouldn’t be worth it, as then I wouldn’t qualify for the reduced tax. Maybe I should investigate further.
The cost of downsizing sounds huge, all the things you’ve listed, plus the stress…it just goes round and round in my head.
(Usually at 3 am!)