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'I live with and care for my mother but I'll be made homeless when she dies'



This week’s experts are FIONA SHARP, a chartered financial planner with adviser Almary Green in Cambridge; LLOYD JUNOR, a solicitor with Thomas Eggar in Chichester, West Sussex; and MEL KENNY, a chartered financial planner with Radcliffe & Newlands in the City of London.


If you have a personal finance query, write to: Ask the Experts, Room 301, Northcliffe House, 2 Derry Street, London W8 5TS. Alternatively email experts@mailonsunday.co.uk. No original documents, please.

L.F. writes: I live with and care for my mother, but when she dies I will become homeless as the bulk of her home is owned by an equity release company. I do have savings and own a letting property hundreds of miles away, in which I have equity. Should I be trying to buy a home of my own now, or am I better off leaving the money invested and buying later?









Fiona Sharp replies: The answer depends on where you eventually want to live, property prices in that area and whether you will need to borrow more to buy a new home.


Depending on the type of plan your mother has, the capital available in her property will probably reduce over time, so it may be better to exclude this from your calculations.


Can you afford to live without your rental income? If so, that may be a trigger to sell that property and buy elsewhere. You would need to factor in the costs of sale and purchase as well as possible capital gains tax.


One strategy could be to sell your property and buy another rental property closer to where you are. It would be easier to manage and could become your home later.


If you do not want to use all your savings, some mortgage companies will consider lending into retirement and up to 75 if your pension income is enough to support the loan. You may also qualify for a buy-to-let mortgage, although these are still relatively expensive.


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ASK THE EXPERTS: 'I live with and care for my mother but I'll be made homeless when she dies'
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C.M.writes: My mother was given an investment in War Stock on her 21st birthday in 1946. She has held it ever since. What might it be worth today and how would you go about cashing it in?









Mel Kenny replies: War Stock was issued by the Government to help pay for the Second World War. But it has been poor value as a long-term investment.


Recent low interest rates have meant the 3.5 per cent bond has gained a little in value to about £90 for every £100 of issued stock held. You can sell through Computershare on 0870 703 0143, or a stockbroker.

D.S.writes: My parents own a ransom strip that was part of their former property. They are both in poor health and this strip is causing them more worry than it is worth. Are there any restrictions over them passing on the ownership to rid them of the stress?

Lloyd Junor replies: Ransom strips are generally small areas of land. Their importance is that they control access to adjacent plots of land.


Owners of a strip can, as a rule, receive up to one-third of the value of the adjacent land if they allow services to cross the land, grant access rights or permit any development. There are generally no restrictions on transferring a ransom strip. Your parents can transfer it to you or someone else.
If the land is passed on as a gift, there will be no stamp duty to pay. But the value of the transferred land can be added back into your parents’ estates for calculating inheritance tax if they die within seven years of the transfer.

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