Hi
My mum has been in a Care Home now with AZ for the last 4 years. I am on a defered payment scheme with my local LA until I can sell mums house. I had mums house valued at the time she went into the Care Home at 140,000 and because the house buying interest is so poor at the moment I have reduced it to 120,000 and still very little interest.
I have had unoccupied House Insurance with a major company for the last 4 years and have just renewed it for 3 months only because if I do find a buyer nothing is refundable so I take out the lowest term possible. However, I have been told by the Insurance Company that if the house remains unsold they, by law, cannot insure the house after the 5 year anniversary. Basically, can anyone confirm that this is true?
Because I am my mums Deputy and am acting on her behalf I think there would be no way that the LA will accept there being no insurance on the house as it is protecting their legal charge never mind the Equity Release mum took out in 2003 and their charge so I can see no other option except the house must be sold by next September even at a pittance. I do not know how the OPG will accept that or the local LA but I have no other option if this 5 year rule on unoccupied houses is true.
Has anyone had any dealings in this area?
Kind regards
Ken.
My mum has been in a Care Home now with AZ for the last 4 years. I am on a defered payment scheme with my local LA until I can sell mums house. I had mums house valued at the time she went into the Care Home at 140,000 and because the house buying interest is so poor at the moment I have reduced it to 120,000 and still very little interest.
I have had unoccupied House Insurance with a major company for the last 4 years and have just renewed it for 3 months only because if I do find a buyer nothing is refundable so I take out the lowest term possible. However, I have been told by the Insurance Company that if the house remains unsold they, by law, cannot insure the house after the 5 year anniversary. Basically, can anyone confirm that this is true?
Because I am my mums Deputy and am acting on her behalf I think there would be no way that the LA will accept there being no insurance on the house as it is protecting their legal charge never mind the Equity Release mum took out in 2003 and their charge so I can see no other option except the house must be sold by next September even at a pittance. I do not know how the OPG will accept that or the local LA but I have no other option if this 5 year rule on unoccupied houses is true.
Has anyone had any dealings in this area?
Kind regards
Ken.