Basically my dad has been in residential care since January and has had a SS needs assessment which confirms that he needs to be there long term. Mum is still living in their bungalow and neither of them have savings above the threshold.....BUT they have a rental property (owned jointly) which has a value well in excess of the threshold so ultimately, unless he ends up at a later stage qualifying for CHC funding, he will have to pay for his care. He has state pension, AA and half the rental income which he can pay but that is less than half the monthly fees.
Do we have to sell the property as soon as possible?
It is likely to be a complex process (at least a year) due to the sitting tenants and some legal and logistical complications. A concern is that the house has been rented for 20+ years by a couple who are now elderly. Mum will do all she can not to serve notice to them to leave. Will she ultimately be forced to do it?
I totally understand that dad's care has to be paid for but if the house has to be sold, there will be a gap before any money comes in.
Is there any way we (I) can sign something to say that the shortfall will accrue until the house sale goes through or to have any delay due to the potential hardship to the renters?
I'd be grateful for any advice or others' experiences. I was just starting to feel things were settling down but having to take on the sale of the house would be a part time job in itself sigh