How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11561
Experience:  30 years as a practising solicitor.
31090051
Type Your Scots Law Question Here...
JGM is online now

I am an 81 years old thinking about going into sheltered

Resolved Question:

I am an 81 years old thinking about going into sheltered rented accommodation next year. I will be selling my house then and wondered what I am allowed to do with th equity on it. What amount can I give away legally and not get involved in problems later on
Assistant: Where are you located? It matters because laws vary by location.
Customer: Midlothian
Assistant: Has anything been filed or reported?
Customer: No
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: Don.t think so
Submitted: 1 month ago.
Category: Scots Law
Expert:  JGM replied 1 month ago.

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?

Customer: replied 1 month ago.
I am in good health . I have some savings and pensions. I would expect to get around £200000 plus. I will be paying rent without recourse to benefits. I am reasonably well off but certainly not rich.
Expert:  JGM replied 1 month ago.

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.

JGM and other Scots Law Specialists are ready to help you