Equity Release

[Brigadier]

Buy a motorhome.

 

[Doug99]

I still stand by what I touched on before. Of course there will be small print you need to be aware of, however I reckon I might do it in years to come. Say I get to my mid-late 60s. I'm living in a house worth £x that I paid for over decades but I have no other means of tapping into its value. Who am I leaving it to? I have no partner or kids. Ok I have nieces/nephews but they'll carve their own way in life and have their own parents.

So, if I can release x% of my property value and use the cash to fritter away in the latter stages of my life e.g. that car I've always wanted, maybe some nice luxurious holidays etc, why not? If fees are accruing that will come out of my estate when I peg it, again so what? It won't be my concern.

I'm with you all the way there. What's the point of scraping through the twighlight years on pennies when you can enjoy what years you have left with ££££. Some financial advisor will get his cut........but so what?

 

[Ivor Windybottom]

I'm with you all the way there. What's the point of scraping through the twighlight years on pennies when you can enjoy what years you have left with ££££. Some financial advisor will get his cut........but so what?

Errr... read the thread, there are lots of issues to be aware of.

The use of the word "house" may be one problem. It's not a bungalow.

 

[Doug99]

Errr... read the thread, there are lots of issues to be aware of.

The use of the word "house" may be one problem. It's not a bungalow.

If I was living alone in a big house with no immediate family to inherit, I would maximise the equity, live downstairs and not worry too much of the garden. After enjoying the £££, if I became seriously ill and incapable of self care, I would let the council assess me for a comfy care home. If I had no money left, the council will be legally obliged to care for me.

 

[gas112]

 

[Tigercubrider]

My only "experience" is a mate who's parents did this to a house identical to mine.
First thing that they did was fit new windows, block pave the drive and get a new kitchen, they weren't hard up before.

So they spent a good chunk of the sum received increasing the value of the house they now don't own.

After the last parent died, the family had three weeks to empty it or suffer daily fees as a penalty.

I can see why people like to stay put, their family and friends may be close by, or at least memories etc.
But prepare better, build a downstairs bathroom, alter some things before the house is a burden.

 

[securespark]

Some parks you can only buy and sell through the owners. You can't bring any static on or off the premises without using the owners services and paying through the nose for the privilege. Some parks if you need tradespeople, you can only use those supplied by the owners.

Madness

 

[Rodders53]

I would let the council assess me for a comfy care home. If I had no money left, the council will be legally obliged to care for me.

Suspect that those type of Council funded homes are few and far between.

Much better to have the funds to choose which care home you want to live in and how comfy you'd like to remain.

 

[motorbiking]

Static caravans are best where you are a part owner of the park. There are a few around, where you own a slice and you don't have to get hooked in to all these rules about age of static and ground fees etc. The other option is to put your name down for a river mooring in an inlet and put some old boat on it. I knew someone who had such a mooring near sandbanks in poole. £100 a year "ground" rent.

1989 Princess 435, Brighton East Sussex - boats.com

Princess 435 for sale in Brighton East Sussex. View pictures and details of this boat or search for more Princess boats for sale on boats.com.

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