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Need to rent out my dad's flat - where to go for advice?

(3 Posts)
Noitsnotteatimeyet Mon 30-Jan-17 14:52:37

It looks like we're going to need to move my dad into a nursing home when he's discharged from hospital.

After fainting with shock at the cost (average is £1500 a WEEK around here) we're now trying to work out how to pay for it all. Apparently he'll get the nursing component of his care paid for but that's only £150-ish a week. His social worker says he's unlikely to qualify for continuing healthcare payments.

My dad is fortunate in having a reasonably good pension, plus an annuity and state pension but there's still going to be a shortfall. We can cover it for a few months by using his savings but eventually we'll need to find some more cash from somewhere.

We're thinking that the best option would be to rent out his flat but need to get advice about the tax implications, whether or not furnished or unfurnished would be best, what do we do about council tax etc and would it actually be simpler just to sell it outright?

Who should we talk to for advice? Lawyer? Solicitor? Accountant? We're feeling a bit at sea and my dad is now sadly too frail and confused to make tricky decisions

Needmoresleep Mon 30-Jan-17 15:17:40

Where is the flat?

If anywhere near London, or the South Coast, PM me and I might be able to guide you a bit. DF bought investment property as a retirement hobby, great because it means there is an income, but a bore to manage. It would be hard to cover everything in a single post.

However initial advice is that you only make money if you keep fees etc you pay to others to a minimum.

And as a first step you should get four letting agents in to explain the likely market (young professionals, families, benefit claimants, or students) , what you need to do in order to attract the biggest range of tenants, and the rent you can probably get.

Then do the same with sales agents. Factor in the work you would need to do to let or sell. Plus the time, effort and hassle involved. Then do your sums.

Renting property is a good way to keep the capital whilst producing an income, but there is a steep learning curve. A good starting point might be joining the Residential Landlord Association.

A small, but potentially important thing. If the property is empty or will be tenanted, sign up for property alerts with the Land Registry

This applies to anyone whose parent is moving into a care home, and leaving a property empty.

whataboutbob Tue 31-Jan-17 13:09:18

I second everything NMS has said, having managed 2 rental properties for my father over the last few years. Also, sadly there are no particular tax breaks for people requiring care, so you'll need to do tax returns and pay tax if total income (including pensions) is above your Dad's nil tax band (which I believe for my Dad was something around £10000 pa).

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