o/t need help,Alzheimer's disease

[shrimpnsave]

my mother is currently in a nursing home which is costing nearly £2000 a month

my two sisters and i have decided to let my mums house to try and lesson the cost of the home,my question is will we need a legally binding contract to let the house or can we draw are own contract up without repercussions from the tennant


would appreciate the feedback
thanks

[steve mfc]

my mother is currently in a nursing home which is costing nearly £2000 a month

my two sisters and i have decided to let my mums house to try and lesson the cost of the home,my question is will we need a legally binding contract to let the house or can we draw are own contract up without repercussions from the tennant


would appreciate the feedback
thanks

Well i have been down this path, what we did was get a Tenancy agreement pack from W H Smith, its a basic contract which both parties have to sign.

The main thing is to try and find a good tenant, check references etc, because if you get a bad one getting them out can be a lengthy process.

[mrpotatohead]

The most important thinng is to get them to sign a shorthold tenancy agreement, usual term 6 months

the link below is quite good, you can download stuff rather than pay for info.

when letting to anyone, agents will do nothing for you if you get a bad tenant so be hands on.

http://uk.wrs.yahoo.com/_ylt=A03uv8tnyv ... ent.co.uk/

[Christies Child]

Just completed the sale of my mum's house due to her now being in a Care Home. We looked at the rent out option (even spoke to the Hospital about renting to a Doctor) but decided to sell and invest the majority of the money with enough left in the Bank to ensure at least 4 years payments that with her pensions would be sufficient.

We are still looking at what to invest the left money in but if we can get circa 3.5% per annum that will provide enough funding at the end of the initial 4 year of funding from pension and bank.

Not an easy decision and one that has to be done with the total agreement of the person concerned. For us the renting option threw up too many problems and the rent value didn't really seem worth all the hassle.

By all means PM if you want some further details. Best of luck.

[Sammy h]

Just completed the sale of my mum's house due to her now being in a Care Home. We looked at the rent out option (even spoke to the Hospital about renting to a Doctor) but decided to sell and invest the majority of the money with enough left in the Bank to ensure at least 4 years payments that with her pensions would be sufficient.

We are still looking at what to invest the left money in but if we can get circa 3.5% per annum that will provide enough funding at the end of the initial 4 year of funding from pension and bank.

Not an easy decision and one that has to be done with the total agreement of the person concerned. For us the renting option threw up too many problems and the rent value didn't really seem worth all the hassle.

By all means PM if you want some further details. Best of luck.

Fixed rate term bonds will be the best option. You can pull out at any time with most, with only an interest penalty. I saw a few not so long ago for around 3% and they were only 12 month ones.

[Keith]

you appear to be mixing two questions in one.

Renting the property is relatively straight forwards although there is more to it than just the contract, for example, it is a legal requirement to hold any deposit in a government backed scheme. Also you must have buildings insurance that is notified that you are renting, annual Landlords Gas Certificate etc.

http://www.propertyinvestmentproject.co ... al-issues/

Your original question mentions that your mother is in a home because of her Alzheimer's Disease. As it is 'her house', are you legally in a position to rent it out? Does she have capacity as per the Mental Capacity Act? I'm not in the UK so the exact legal process may not be entirely accurate but if she hasn't got capacity, do you or one of your sisters have Enduring Power of Attorney or Receivership? If not has someone else and will they give permission?

Again, different law in the UK but I think the situation is that your mother's assets are taken in to account when paying for care, so if her savings run out she may be forced to sell the property. If you have placed a tenant in there but the rent doesn't cover the costs, then you may find yourself liable.

In short, it can be done but you need to be clear that you are acting correctly or you may be in an even worse situation.

Try the following for free advice:
Age UK:
http://www.ageuk.org.uk/publications/ho ... ications-/
They have a help line number on the web page or they have a shop in Lancaster, 14 New Street which may be able to put you in touch with an advice centre.

Citizen's Advice:
http://www.citizensadvice.org.uk/morecambecab/

Alzheimer's Society:
http://alzheimers.org.uk/site/custom_sc ... Code=12642

Alzheimer's Society
Altham Meadows
Bartholomew Road
Westgate
Morecambe
LA4 4RR
Tel: 01524 402610

Good luck.

[Keith]

when letting to anyone, agents will do nothing for you if you get a bad tenant so be hands on.

PS Totally agree. We've only once used an agent and they put in a drug dealer who burned the house down! Then we found out that they were in arrears so the agent had been paying the rent out of the deposit. For this, we had the privilege of paying them for this 'service'! The more hands on you are, the better. As I mentioned before, make sure you inform the insurance company otherwise if it all goes wrong, they will wriggle out of paying. If we hadn't done so, we'd have been screwed.

[marky No.1]

BEEN THERE DONE THAT NOT Alzaimas but same thing. Spent 3 years sorting it out . Basically if you have saved all your life for you and your family you are SHAFTED with a capital SSSS

[Christies Child]

BEEN THERE DONE THAT NOT Alzaimas but same thing. Spent 3 years sorting it out . Basically if you have saved all your life for you and your family you are SHAFTED with a capital SSSS

Can vouch for that 100%.

If you have to get County involved, make sure you have it in writing just what they are funding and how much they are taking from your mother over and above their contribution. If there are savings of whatever sort over £14300 the Couny can legally take a percentage on a monthly basis. Maybe only circa 1% but it's surprising how over time the money taken mounts up.

[shrimpnsave]

Many thanks for your advice,much appreciated..............