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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34589
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Hi, My father and myself have joint mortgage, he also has savings

Resolved Question:

Hi, My father and myself have joint mortgage, he also has savings of around £32000 which i just recently moved in to a joint account that pays a better intrest rate. My father has dementia and will need to go into a home soon, will all the money and our home be used to assess his financial situation
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Has your father given you Power of attorney?
How did the property come to be in joint names?
How old are you?
Clare
Customer: replied 3 years ago.
Yes I have POA, My family and me moved in with my dad about 11 years ago, just after we moved in we remortgaged to build an extension so we turned it into a joint mortgage.
I am 52


Expert:  Clare replied 3 years ago.
Hi
Why have you placed his funds into a joint account?
When the property was placed in joint names was a Declaration of Trust drawn up to protect your father's interests?
Clare
Customer: replied 3 years ago.
The funds were placed in to an E account with better interest rates and as my father dosnt know how to use a computer it was opened as joint account, when the property was placed in joint names it was done via a solicitor who drew up legal papers for us both to sign. Iam an only child and sole beneficiary of my fathers estate
Expert:  Clare replied 3 years ago.
Hi
Did the Solicitor discuss with you ways of protecting your father's interests?
How much is the property worth and how much is outstanding on the mortgage?
Clare
Customer: replied 3 years ago.

no he didn't because it was my fathers idea, he didn't have dementia at that time, the type of mortgage we have is that if either of us dies than the mortgage automatically becomes the sole reasonability of the remaining person.


the property is worth about 175000 and there is about 42000 outstanding

Expert:  Clare replied 3 years ago.
Hi
The money in the Joint account care costs a certainly belongs to your father and will form part of the Local Authority Assessment
The house is a very different issue
It does have a place in the assessment - but since it is unlikely that his share could be sold to a "willing buyer" bearing in mind that you and your family are living there then it is unlikely to be relevant
You can read more about this here
http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS38_Treatment_of_property_in_the_means-test_for_permanent_care_home_provision_fcs.pdf?dtrk=true
I hope that this is of assistance please ask if you need further details
Clare
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