To cut a long story short mum is currently in hospital after a wandering episode/fall, and has been transferred yesterday to the specialist alzheimers ward at the local General, for assessment as to what should happen next. I am 99% sure the upshot will be residential care being required - she wont accept help at home from anyone other than me, and I can no longer give what is needed as she really is in quite a bad way now with incontinence etc. She's also in danger if she's now started wandering.
So my mind turns to the cost of care. She has assets well over the limit so will have to pay full whack for everything. Her various pensions give her an income of around £1,000 a month with is not a bad start, she owns a 3 bed semi in a quiet village and a one bed flat in a Scottish border town (no mortgage on either). My thinking is if I rent out both the flat and mums house, surely that added to her pensions will be enough to pay for care home fees, and avoid having to use her savings or selling either of the properties? I could always top it up myself if there is a small shortfall?
What I am posting for is simply to ask if anyone has any tips on the legal side of doing this. I have an unregistered EPA at present - would I be advised to have it registered ASAP? Are there any pitfalls for me to look out for in relation to the process of renting out properties which are not actually in my name? I am intending to use letting agents to handle it all both here and in Scotland, whats the average sort of percentage that they take from the monthly rental fee?
Any advice or experiences would be appreciated.
ps. Also have the heartbreaking task of re-homing my mums dog, who she loves to bits, but there is no other thing for it. Anyone know the best people to contact regarding that, in the East Midlands? I am aware of the Cinnamon Trust, but is there anywhere else?
So my mind turns to the cost of care. She has assets well over the limit so will have to pay full whack for everything. Her various pensions give her an income of around £1,000 a month with is not a bad start, she owns a 3 bed semi in a quiet village and a one bed flat in a Scottish border town (no mortgage on either). My thinking is if I rent out both the flat and mums house, surely that added to her pensions will be enough to pay for care home fees, and avoid having to use her savings or selling either of the properties? I could always top it up myself if there is a small shortfall?
What I am posting for is simply to ask if anyone has any tips on the legal side of doing this. I have an unregistered EPA at present - would I be advised to have it registered ASAP? Are there any pitfalls for me to look out for in relation to the process of renting out properties which are not actually in my name? I am intending to use letting agents to handle it all both here and in Scotland, whats the average sort of percentage that they take from the monthly rental fee?
Any advice or experiences would be appreciated.
ps. Also have the heartbreaking task of re-homing my mums dog, who she loves to bits, but there is no other thing for it. Anyone know the best people to contact regarding that, in the East Midlands? I am aware of the Cinnamon Trust, but is there anywhere else?