If changing the deeds of your house into your own name ?
- Thread starter kenaidog
- Start date
Being in a care home does in no way change anything to do with his assets.
What he owned before going into care, he still owns, be it property, cash, bonds, shares etc.
What he owned before going into care, he still owns, be it property, cash, bonds, shares etc.
well without saying who it is. I know someone whos hubby is in car home and his wife is now selling the house so she can move into a flat with the help from a solicitor.The deeds will be transfered into her name so she can sell the house and move elsewhere.I have told her to be very carefull they dont accuse her of deprivation of assests but she is under the assumption that the proceeds left over form the sale and forthcoming new flat will be hers to do with as she likes????????????
The solicitor has told her she has to keep all receipts but can use what ever excess that comes from the sale as she likes, but i have told her that it has to be within reason. Plus since he is partially funded right now wont the home make a claim for back payment since she would have enough money to make him self funding, i actually think the solicitor is not giving her good advice.
I'm shocked! If a jointly owned house is sold the proceeds are split down the middle but the LA can use its discretion to allow one half to take a little more if one half of the proceeds is not enough to enable another house to be bought. However, this is up to the particular LA. The other half of the money does indeed make the person in a home self-funding. Are you sure this lady has understood correctly what the solicitor has told her?
And I agree, it doesn't sound like good advice to me either.
It's not the home you need to worry about too much it's if the LA find out your friend could end up in a bit of a spot.
If the house is jointly owned half of the equity released on the sale of the house is his, if that puts him between the £23k and £14k thresholds that is.
That said I sold my mother's house, one meeting with an estate agent and I never even met the solicitor, nor did I forge any signatures, my mother scrawled on one document and the house was sold.
Obviously this was done with the consent and knowledge of the rest of the family and all the money went into her account.
You can do anything, it's more a matter of what happens if you get caught.
I want to sell "our" house and downsize now my wife is in care and it looks like it's CoP time to do it by the book which is really putting me off the whole idea.
K
Yes the solicitor has told her there are ways around it, she has a few debts that she cant pay for anymore since most of his money has been taken to pay for the care home. So is selling to pay of that debt, but i know her too well and she is wanting to go for a lower priced place to free more money up, so say she sold her property for 200.000 and bought another for half that price that would make her or rather the husband self funding.So if that left over 100.000 then surely half of that would have to go to him? and surely the care home would try and claim what they have already paid towards his care from the proceeds?????? Im trying to keep her right as much as i can but she seems stuck on getting a cheaper place to free money up.
You can get permission to move from the CoP and I believe buy somewhere of the same value thus keeping the other person's capital but I think their name has to go on the deeds. In the example you quote half of the released equity (50k) goes to each person so this would make him a self funder. If the LA find out big trouble.
The other consideration is wills. Anyone who may have got a bigger inheritance may have an issue. If she "takes" his £50k share of the equity then might this affect anyone like step children (if there are any) or anyone else in a position to ask what happened to the money.
As I say though it's the LA that are the big problem, as far as I see it will be a criminal offence concealing his assets from the LA and fraudulently getting them to pay towards his cost of care. Very thin ice.
K
The other consideration is wills. Anyone who may have got a bigger inheritance may have an issue. If she "takes" his £50k share of the equity then might this affect anyone like step children (if there are any) or anyone else in a position to ask what happened to the money.
As I say though it's the LA that are the big problem, as far as I see it will be a criminal offence concealing his assets from the LA and fraudulently getting them to pay towards his cost of care. Very thin ice.
K
Surely, if the house belonging to both is sold for £200,000 and she buys another for £100,000, that's her half sorted. The other £100.000 belongs to her husband.
The only way it wouldn't be is if her husband's name is on the deeds of the new house.
In that case £50,000 of the remaining money would still be his.
I think she is playing with fire.
The only way it wouldn't be is if her husband's name is on the deeds of the new house.
In that case £50,000 of the remaining money would still be his.
I think she is playing with fire.
I dont know about accounts as such, But there was never a lpa inplace so this is why she has had to go to a solicitor to be able to move.Both them names are on the current house, its being moved to just hers so she can sell through the cop which she is paying for with the solicitor. But what was worrying me was that is she had excessive funds left over after the sale of the home, well what im trying to say is that he said she could do the new place up as what ever she liked, but i told her its within reason, you cant go and say oh i will have a 5 grand tv can you etc, cant give any of it away either. Im trying to keep her right. she sits and says nothing when i say this too her most of the time, coz i dont think the solicitor is getting the full picture as such. So if she now sells and the deeds are transfered into her name only then the new house will be just hers of course wont it?Just trying to make sure everything is ok for her, keep her straight, looks like she is going to go for a property that wont leave her with much so maybe there wont be a problem
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It will still be a problem if her husband's name is not on the deeds of the new house as he owns half of the old one. She can't just dispose of his assets like that.
If his fees are being subsidised by the LA then it is up to that LA whether your friend can purchase a house that costs more than half the proceeds of the jointly owned existing house.
This doesn't sound right at all but she is obviously determined to follow this path so there's not much point in commenting further.
If his fees are being subsidised by the LA then it is up to that LA whether your friend can purchase a house that costs more than half the proceeds of the jointly owned existing house.
This doesn't sound right at all but she is obviously determined to follow this path so there's not much point in commenting further.
How could the la force her to sell when it was she who bought her dads house in the first place. She wouldnt be liable for paying for her dads care home surely?
If your friend is over 60 then she should sit tight. As long as she lives in the house the property will be disregarded and not counted as an asset. If she sells the property and releases funds then they will become available to the local authority. I'm no expert so please correct me if my thinking is wrong here.
well it seems she must already have the permission to go ahead and is now going to something that is more close to the value of hers . But I wonder if the la can do anything after she has bought a new place even if there are no funds left over, and also what happens when he dies? Will they try and make her sell her new place to get the money off her for his care which is being partly funded?
The only way to be sure is to take legal advice. I see that she has already done that but think if I were in her position I might consult solicitors that specialise in this area. No doubt the specialists will have come across this situation before and will likely know the outcome of such a situation.
