DIYbanter - View Single Post - O/T: Need urgent advice on where to buy a home for elderly relative

Kristen[_3_]

wrote:
On Aug 26, 1:09 am, Kristen wrote:
I'm sorry about the O/T post but I can't find any other directly
relevant newsgroups and urgently need advice.

The family homes are no longer suitable for a very close relative of
mine to live in. This relative has very little assets until legal
matters are concluded, which may take years. I will have to chip in
but the immediacy of the matter means that I can't muster more than
50k in savings and borrowings. I know the budget is very small but she
won't be able to take a mortgage given her age and I have found small
homes in rural areas costing that much so I know it is not impossible.

I am looking to buy a new home for her in the UK. I'm looking for:

- A home, preferably with a good sized piece of land to keep her
active in the garden
- Within my budget of 50k
- In a quiet, peaceful and safe rural area (the sort of place where
people leave front doors unlocked)
- Has a low cost of living
- Has good healthcare (where she won't have to drive for miles to the
nearest clinic)
- Has a friendly, large Anglican/CoE community who will take care of
her

With that kind of budget, buying is almost certainly not an option.
Things that might help - she could get a mortgage. Lifetime mortgages
are available for up to 30% of the price at age 70. They have no
repayments - the interest is rolled up and payable on the sale of the
property. Not right for everyone, but could be in this situation.

If she has a low income, she could be entitled to housing benefit to
pay rent, but not to pay a mortgage, so she might be better in a
rented house. This could be a house that you buy with a buy to let
mortgage and then rent to her. With a £50000 deposit, that would
stretch your budget to at least £125,000, possibly £160000 or more.
There are places in the north that would meet most of your
requirements within that kind of budget, although it will still take a
bit of searching.

Other option is shared ownership - buy 25% of the property and rent
the rest.

A

I am assuming that this elderly woman's other daughter won't be able
to assist financially. I will know more when she arrives home next
week - this arrangement is best dealt with in person.

I'm not sure how long it will take divorce proceedings to give the
relative assets to live on but as usual I tend to assume the worst.

Kristen