{"id":49881,"date":"2014-08-28T17:16:07","date_gmt":"2014-08-28T10:16:07","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tenancy-in-common-solution-to-avoid-selling-my-house-for-care-home-fees\/"},"modified":"2017-03-28T10:53:26","modified_gmt":"2017-03-28T03:53:26","slug":"tenancy-in-common-solution-to-avoid-selling-my-house-for-care-home-fees","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tenancy-in-common-solution-to-avoid-selling-my-house-for-care-home-fees\/","title":{"rendered":"Tenancy in common \u2013 solution to avoid selling my house for care home fees?"},"content":{"rendered":"


\nI have been approached by a firm promoting this solution \u2013 it isn\u2019t widely publicised and sounds too good to be trueQ I have been approached by a firm promoting tenancy in common as a foolproof method of avoiding having to sell my property to pay for care home fees.\u00a0They claim that\u00a0changing the ownership of the property and\u00a0making children beneficiaries in a will\u00a0means the property will be protected should the parents have to go into care. Given the concerns on this subject expressed by many elderly people, the apparently simple solution\u00a0of changing ownership to tenants in common isn\u2019t something that is\u00a0widely publicised. I would appreciate it if you could confirm that the proposed solution is, in fact,\u00a0straightforward and valid\u00a0and tell me if you are aware of any pitfalls. CLA The solution that a firm has proposed to you is a recognised way of avoiding paying care home fees and is relatively straightforward to set up provided you use a suitably-qualified solicitor such as a member of the Society of Trust & Estate Practitioners. What you do is change your joint ownership of your home to tenants in common (if you don\u2019t already have this form of ownership) which means that you can leave your share of the home to anyone in your will. You then get a will drawn up in which you create a \u201cflexible life interest\u201d for your spouse which means that if you die before him or her, your share of the property will be held in trust giving your husband or wife the right to live in the property for the rest of their life. It is common to make children the trustees of this trust. The reason for all this legal work is that were your spouse to need to go into care after your death, only the value of their share of the property would be taken into account in the local authority means test used to assess the amount of care home fees that she would be liable for paying. And the value of your wife\u2019s share could be reduced to nil as it would be unlikely that anyone would want to buy it which would mean that the entire value of the property could be excluded from the means test. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Tenancy in common \u2013 solution to avoid selling my house for care home fees?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I have been approached by a firm promoting this solution \u2013 it isn\u2019t widely publicised...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-49881","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-cYx","jetpack-related-posts":[{"id":35778,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-you-be-prepared\/","url_meta":{"origin":49881,"position":0},"title":"Will you be prepared?","date":"November 25, 2016","format":false,"excerpt":"\r Estate planning is necessary, and especially important if you have children to whom you would like to leave your property. Here are some essential tips you must know if you are planning to do so. 1. \u00a0What happens without a will? If you have not drawn up a will,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":151851,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/taqa-distribution-signs-exclusive-digital-billing-solution-deal-with-adgm\/","url_meta":{"origin":49881,"position":1},"title":"TAQA Distribution signs exclusive digital billing solution deal with ADGM","date":"April 24, 2025","format":false,"excerpt":"\r 16,000 Al Maryah and Al Reem Island residents will be able to pay all tenancy-related fees along with their power and water bills\r \r Source : arabianbusiness.com\r Read more...TAQA Distribution signs exclusive digital billing solution deal with ADGM","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/04\/Al-Maryah-island-in-Abu-Dhabi-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121625,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tenancy-control-on-subdivided-flats-a-step-forward-not-long-term-solution-to-hong-kongs-housing-crisis\/","url_meta":{"origin":49881,"position":2},"title":"Tenancy control on subdivided flats: a step forward, not long-term solution to Hong Kong\u2019s housing crisis","date":"August 24, 2021","format":false,"excerpt":"\r Housing crisis has long been a pressing issue for Hong Kong, one of the most expensive property markets in the world.Amid a lack of affordable housing, the waiting time for public rental housing is 5.8 years on average. Many low-income households therefore have no choice but to live in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107101,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/joint-tenancy-contracts-for-muslims-now-deemed-religiously-valid\/","url_meta":{"origin":49881,"position":3},"title":"Joint tenancy contracts for Muslims now deemed religiously valid","date":"May 14, 2019","format":false,"excerpt":"\r The Fatwa Committee of Singapore has acknowledged joint tenancy agreements in Singapore as religiously valid.\u00a0 Joint tenancy contracts entered into by Muslims are now considered religiously valid, even without the need of drawing up additional documents.\u00a0 As such, joint owners of the property now have the option of choosing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20398,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-daughters-partner-changed-how-they-own-their-home-without-asking\/","url_meta":{"origin":49881,"position":4},"title":"My daughter's partner changed how they own their home without asking","date":"July 21, 2016","format":false,"excerpt":"\r She altered it from joint tenancy to tenants in common \u2013 is she allowed to do this? 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He did not want to use a real estate agent and has been\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49881"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=49881"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49881\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=49881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=49881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=49881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}