Selling Home To Pay For Care
If you are thinking about selling your house or flat in order to pay for long-term care, there are several important steps to learn.
Your top questions when selling a home to pay for care
✅ What qualifies as long-term care?
Long-term care is assistance provided by nurses and other medical professionals to help you, a family member or other loved one with important tasks that can include refilling and taking prescriptions, bathing, getting dressed and much more. This type of care can either be provided by visits to your home, or you can move to a care home where it is available at all times.
✅ Am I required to sell my home in order to pay for long-term care?
No, there is no law that says you must sell your leasehold or freehold house, flat or other type of residential property in order to pay for long-term care. There are various strategies that you could consider for obtaining the necessary funds to cover the cost of the care, including taking out a short-term personal secured or unsecured loan, or signing a deferred payment plan.
✅ What happens if I need to find a buyer for my home to fund long-term care?
Although everyone will have their own unique needs when it comes to the type of long-term care that they need, many homeowners in the UK will reluctantly find that the only way that can reasonably cover the costs of that care is to sell their home. If that happens, the council do a financial assessment to value your property and see how that affects your potential care funds.
✅ Why do councils conduct financial assessments for long-term care?
Because they need to know whether you might be able to afford the potentially high cost of paying for your long-term care, or whether you may need the local authority to provide some financial assistance. The value of your current leasehold or freehold home may be considered in this assessment, but there are certain situations in which it will not be counted as a factor.
✅ Can I sell my home to pay for long-term care if it's jointly owned with someone else?
Yes, even if the other owner, for example a divorced partner, objects to selling the property to pay for your long-term care, you still have various options available for finding a buyer. You should consult with a solicitor or other legal professional to discuss how to proceed, because it’s possible that the joint owner might try their own steps to prevent a sale from happening.
✅ What fees will I need to pay if I decide to sell my home to pay for long-term care?
If you sell your property with the services of an auctioneer or an estate agent, they will require that you pay them commission charged as a percentage of your home’s sale price and deducted immediately from the sale proceeds. But if you decide to your home to an honest no-commission quick buyer or without any assistance then you won’t have to pay for any fees.
✅ What is the most rapid option for selling a property to pay for long-term care?
Contacting LDN Properties or another quick home buying company is your best option, because they should be able to exchange contracts and complete all of the other mandatory steps within a handful of weeks. By contrast, you can expect to be waiting many months or longer to finalise the sale of your home through an auctioneer, estate agent or selling on your own.
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