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chickenstrip |
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chickenstrip Super Spammer
Joined: 06 Dec 2013 Karma :
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Posted: 16:00 - 30 Jul 2017 Post subject: Releasing equity on your home |
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My situation seems to be a bit different from most, who have family to leave their assets to when they die. But what if you own your own home outright, and have no one to leave it to? Can this be used to your advantage while you're still alive? Is there some kind of deal where you can raise capital on your home, and agree to the lender taking possession of your property when you kick the bucket, assuming your spending doesn't go over the value of the property?
Can't find anything online that addresses this situation, so I fully expect to be told I'm an idiot ____________________ Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
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Itchy |
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Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
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Posted: 16:09 - 30 Jul 2017 Post subject: |
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If you die with nobody eligible to inherit then it becomes bona vacantia effectively it goes to the crown/government.
You can equity release and then when you die the crown administrator will use your estate to pay off your debts or obligations on your estate.
The crown gets the rest. IIRC it's better than selling because you can't be turfed out into you're actually dead. There are of course fat fees. ____________________ Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
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chickenstrip |
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chickenstrip Super Spammer
Joined: 06 Dec 2013 Karma :
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Posted: 16:32 - 30 Jul 2017 Post subject: |
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Itchy wrote: | There are of course fat fees. |
But of course! ____________________ Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
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arry |
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arry Super Spammer
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P. |
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P. Red Rocket
Joined: 14 Feb 2008 Karma :
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chickenstrip |
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chickenstrip Super Spammer
Joined: 06 Dec 2013 Karma :
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Posted: 17:26 - 30 Jul 2017 Post subject: |
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Paddy. wrote: | Leave to BCF. |
Send monies naow, and it's done deal ____________________ Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
THERE'S MILLIONS OF CHICKENSTRIPS OUT THERE! |
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Tracey Suntan-King |
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Tracey Suntan-King World Chat Champion
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M.C |
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M.C Super Spammer
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Polarbear |
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Polarbear Super Spammer
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grr666 |
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grr666 Super Spammer
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Pigeon |
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Pigeon World Chat Champion
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- Super Spammer
Joined: 22 Oct 2013 Karma :
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Posted: 12:42 - 02 Aug 2017 Post subject: |
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A lady across the road from me was in a bit of financial difficulty and did something similar. They gave her about £20K cash, which paid her debts off and left her with a few thousand for herself. They redid the bathroom/kitchen/heating and built a convervatory. I'm led to believe the mortgage was paid off years ago when her husband died, before I moved here in the late 90's.
For this, they own her house in it's entirety on her death. So, you could argue that they preyed on a vulnerable person and bought her out of her own £200,000 plus house for £20K, bearing in mind the redevelopments are to their house now, she just lives there.
She was embarrassed when she told me, but you could see, she didn't think she had much choice at the time.
Her daughter who is in her 40's still lives with her and is fecked when her mum dies. A sad affair. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
Jaguar S Type 3.0 V6 Sport R, VW Transporter T5 GP LWB Shuttle 140ps DSG. |
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arry |
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arry Super Spammer
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chickenstrip |
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chickenstrip Super Spammer
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Posted: 13:55 - 02 Aug 2017 Post subject: |
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Difference being chaps, I really don't give a damn what happens to any of my stuff when I kick the bucket. No one to leave anything to, so no one to lose out. So I'd want to raise as near to the outright value of my house as I could. But if the fees were truly ridiculous, or if the capital I could raise was capped well below that value, there wouldn't be much point. For 20 or 30k, I wouldn't bother. The house has an approximate current value of about £100k. ____________________ Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
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Ste |
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Ste Not Work Safe
Joined: 01 Sep 2002 Karma :
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Posted: 14:08 - 02 Aug 2017 Post subject: |
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You could leave your house to charity to be used either as a halfway house or as a place for drug rehab.
You've got to leave your stuff to somebody otherwise the government will get it all. |
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chickenstrip |
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chickenstrip Super Spammer
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Posted: 14:42 - 02 Aug 2017 Post subject: |
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Ste wrote: | You could leave your house to charity to be used either as a halfway house or as a place for drug rehab.
You've got to leave your stuff to somebody otherwise the government will get it all. |
*Meaningful silence* ____________________ Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
THERE'S MILLIONS OF CHICKENSTRIPS OUT THERE! |
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M.C |
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M.C Super Spammer
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Wobbling Dog |
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Wobbling Dog Nitrous Nuisance
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- Super Spammer
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M.C |
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Omega |
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Omega Crazy Courier
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thx1138 |
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thx1138 World Chat Champion
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Old Thread Alert!
The last post was made 6 years, 268 days ago. Instead of replying here, would creating a new thread be more useful? |
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