Tennants in Common

[pevensey]

I've just started the process of setting up tennants in common, doing it online so now waiting to get completed papers back and its signed and sealed. My question is with tennants in common, in the future could I sell my house and downsize to a flat, so I could then pay for my hubby's carehome fees monthly from his half share of money saved from the sale, instead of the LA deferring the payments and then taking the payments PLUS interest and administration fees when I pass away, from hubby's half share of the property.
Is it better to pay as you go IF YOU CAN or have LA funding which is deferred payment. We are below the £14,000 savings amount.hubby not in permanent care home yet but could be in next few months. Pay now or pay later.

 

[marionq]

I don’t understand why you have a deferred payment as the house should not be included at all while you still live in it.

 

[pevensey]

I don’t understand why you have a deferred payment as the house should not be included at all while you still live in it.

I know marionq, but they take it all eventually years down the line when I go and house is sold PLUS interest at least they take hubby's half

 

[marionq]

That’s not correct. If your husband dies before you there is no bill to pay. The house is yours. If you die first then it is a different matter and his share will go towards his care home fees.

 

[pevensey]

That’s not correct. If your husband dies before you there is no bill to pay. The house is yours. If you die first then it is a different matter and his share will go towards his care home fees.

REALLY I didnt realize that, I always thought and have read that EVENTUALLY LA take there money even after I've died after hubby. If that's right what you said then I feel much better about sorting out finance re carehome in the future, its such a minefield out there when we dont know how the system works, Thankyou
" Marionq "

 

[Kevinl]

As long as you live in the house it is disregared, if you want to downsize then please read my comments on the thread below.
If you already have entered into a DPA then that's different but the guidelines don't mention the type of tenancy just that a partner can sell, buy a new home and only half of the equity released can be counted.
The LA can't do a DPA as long as you live there, the house is a "mandatory disregard"and so won't be a part of financial assessment and even if he does go into care, you can still downsize using his money with only his half of the released equity being taken into account.
K

https://forum.alzheimers.org.uk/thr...hared-ownership-property.118228/#post-1664373

 

[canary]

I always thought and have read that EVENTUALLY LA take there money even after I've died after hubby.

There is an awful lot of wrong information out there. Im not surprised that so many people are confused. Marionq is right, though.

 

[pevensey]

There is an awful lot of wrong information out there. Im not surprised that so many people are confused. Marionq is right, though.

Thankyou Kevini and canary, yes, there is a lot of misleading information that iis out there that's meant to be helpful to us, one article can contradict another one. All you lovely people on here always seem to know what your talking about though, Its great to know there is people like you who really listen and give the right advice.

 

[pevensey]

Thankyou Kevini and canary, yes, there is a lot of misleading information that iis out there that's meant to be helpful to us, one article can contradict another one. All you lovely people on here always seem to know what your talking about though, Its great to know there is people like you who really listen and give the right advice.

Just recieved the paperwork for me to check and sign,of tenants in common , should all sorted by next week, That's another box ticked, thankyou everyone for your advice.

 

[canary]

Once you are registered as Tenants in Common, dont forget to change your will, so that you can leave your share of the property to someone else (children?)

 

[pevensey]

Once you are registered as Tenants in Common, dont forget to change your will, so that you can leave your share of the property to someone else (children?)

Thankyou @canary, yes I've done that now, I didnt realise I had to until the solicitor told me, he rang me to ask if I had any last minute questions and also told me about will. So I did it straight away.