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Thank you for your question. I am a solicitor in Scotland and I will help you with this. Can you answer a few questions: what is your state of health? Do you intend to pay the rent without recourse to state benefits? What is your overall financial position? Do you have savings, pensions or investments? What do you expect to get for your house when you sell it?
Provided you can pay your way for around seven years from the date of sale then you could give away some of the equity. There is no solid rule. If you needed nursing home care and had to rely on savings to pay for that as opposed to income you would be advised to be careful about giving away all your savings. Do not give away the bulk of you4 equity unless you know you can afford to pay for your future. At the same time, reasonable gift to family made when you are in good health are permitted. I hope that helps. Please leave a positive rating so that I am credited fro my time.