Hi, Everyone,
My mom and dad brought a local authority house, which is a ''wimpy no fines'' concrete construction dated 1949, It's not on a defect list, like so many others that are concrete, built in the 50's,they brought from the right to buy scheme in 1981, and wasn't given a building cert from LA. My dad passed away in 1985, and my moms mortgage was paid in full by an endowment life insurance. She lived in it until Oct 2014, lots of people have brought these houses and have extended them, building garages with bedrooms on top etc. so why banks are refusing mortgages bets me Mom now resides in a lovely care home,as she has dementia and lost capacity. I'm her only daughter and became her deputy for financial affairs in early March of this year, Applying to the court of protection took 8 months to complete and a deferred payment was paid to LA, for her care.
I have since repaid them, when deputyship granted, but from March 2015, the LA calculated that if she was paying the full self funding amount, her savings would be below 23grand, so are continuing to pay a deferred payment with my mother paying her monthly contribution, until her house is sold.
I have come to sell her home, and have been told by four EA that banks are not giving mortgages on these types of houses, which are not defected and are sound in building structure.(all tarred with same brush) I have been advised by a conveyance solicitor and EA to wait for a cash buyer. which may take years, I learnt later on that the said housing stock in my area can be brought back by the housing association who brought the stock from LA in early 00's.
Solicitor or EA hasn't mentioned this, I'm worried what to do, as the house as only been on the market for 5 weeks with viewers dropping out, due to the house being hard to re-sell at a later date and not being able to get a mortgages on them.
As I'm my mom's deputy and daughter, I worried that her assets will be a pittance no matter what I'm advised to do to pay for her care, I understand that LA count only 90% for care funds, from the sale of a property after sale fees are taken out, that will soon go, if I'm offered a low amount by waiting or taking HA offer, my mom wont be self funding for very long. As anyone been in the same boat?
It's bad enough waiting months for the deputyship to come through and grieving over my mom having dementia and going into a home, although she is happy and the home is lovely, without having to deal with this too. I've reduced the house price but don't want to go much lower, As mom deputy I have to work for my moms best interests, any advice would greatly appreciated SJcares
My mom and dad brought a local authority house, which is a ''wimpy no fines'' concrete construction dated 1949, It's not on a defect list, like so many others that are concrete, built in the 50's,they brought from the right to buy scheme in 1981, and wasn't given a building cert from LA. My dad passed away in 1985, and my moms mortgage was paid in full by an endowment life insurance. She lived in it until Oct 2014, lots of people have brought these houses and have extended them, building garages with bedrooms on top etc. so why banks are refusing mortgages bets me Mom now resides in a lovely care home,as she has dementia and lost capacity. I'm her only daughter and became her deputy for financial affairs in early March of this year, Applying to the court of protection took 8 months to complete and a deferred payment was paid to LA, for her care.
I have since repaid them, when deputyship granted, but from March 2015, the LA calculated that if she was paying the full self funding amount, her savings would be below 23grand, so are continuing to pay a deferred payment with my mother paying her monthly contribution, until her house is sold.
I have come to sell her home, and have been told by four EA that banks are not giving mortgages on these types of houses, which are not defected and are sound in building structure.(all tarred with same brush) I have been advised by a conveyance solicitor and EA to wait for a cash buyer. which may take years, I learnt later on that the said housing stock in my area can be brought back by the housing association who brought the stock from LA in early 00's.
Solicitor or EA hasn't mentioned this, I'm worried what to do, as the house as only been on the market for 5 weeks with viewers dropping out, due to the house being hard to re-sell at a later date and not being able to get a mortgages on them.
As I'm my mom's deputy and daughter, I worried that her assets will be a pittance no matter what I'm advised to do to pay for her care, I understand that LA count only 90% for care funds, from the sale of a property after sale fees are taken out, that will soon go, if I'm offered a low amount by waiting or taking HA offer, my mom wont be self funding for very long. As anyone been in the same boat?
It's bad enough waiting months for the deputyship to come through and grieving over my mom having dementia and going into a home, although she is happy and the home is lovely, without having to deal with this too. I've reduced the house price but don't want to go much lower, As mom deputy I have to work for my moms best interests, any advice would greatly appreciated SJcares