2nd PROPERTY

[alison58]

Hi, I wonder if anyone will know the answer to this.
When my husband was diagnosed nearly 4 years ago we decided now was the time to downsize. We found a perfect house and sold our family home. A couple of weeks before we were due to move our buyer pulled out so we decided rather than lose the new house we would go ahead and continue with the move. Our previous home for 35 years is now rented and has been since our move.
I am looking to sort finances and prepare for if /when my husband has to go into to a care home at some stage in the future. I would just like to know if the house that is occupied with tenants will need to be sold and if so when or will the LA be willing to put a charge on it for a future sale??

 

[nitram]

I would just like to know if the house that is occupied with tenants will need to be sold and if so when or will the LA be willing to put a charge on it for a future sale??

I think the answer is 'yes' the rented house would have to be sold to fund care when assets other than the disregarded house fall to the upper limit.
You could ask the LA for discretion.

The DPA scheme is to prevent the sale of the family home.

The scheme only applies when the person requiring care assets other that the non disregarded house are at or below the upper limit.

 

[Bod]

Would a business asset, such as a rented house, be considered a chattel, like a vintage car, rather than a personal asset, like a savings account?

Bod

 

[nitram]

Would a business asset, such as a rented house, be considered a chattel, like a vintage car, rather than a personal asset, like a savings account?

Bod

No, a chattel is a tangible, movable, asset.

 

[alison58]

Thank you for answering 🌻

 

[MaNaAk]

Thank you for answering 🌻

However the rent from the rented could be used to pay any care home fees I assume.

MaNaAk

 

[nitram]

However the rent from the rented could be used to pay any care home fees I assume.

MaNaAk

Might just pay a week or two's top up although that route is not available because of the capital asset of the house.

 

[MaNaAk]

Might just pay a week or two's top up although that route is not available because of the capital asset of the house.

Is it worth clarifying this Citizens Advice I wonder?

MaNaAk