Aged mid 70’s what should they buy? Or should they rent?Make Text Bigger
Mike Davey sent me the email below which has really got me thinking. Please have a read and share your thoughts in the comments section below the article.
I’m not sure if this is right for you or your forum, but here goes…..
I would like to ask for some advice from you and or fellow landlords who may have more experience in this area than myself.
We have friends that have been forced through financial reasons to sell up and return to the UK. They are elderly gentlemen aged 73 and 79 respectively. They have £150K in equity and wish to somehow purchase a two bed house/flat with a small garden in the south east, Brighton, Hove, Horsham etc. They are currently staying in a low cost hotel in order to gather their thoughts, but obviously due to their finances they will need to do something soon rather than later. They will have some money left over to pay bills and have state pensions to “live” on. They have no dependants and therefore do not need to will anything regarding the money mentioned above.
My question is this. I have heard of the “home for life” scheme and shared equity schemes, but do not know whether these are a good thing for them, as I have only really heard bad things, but to be fair I have not had direct dealings, so maybe this is unfair. They may of course due to their age not even be eligible for such schemes.
On a similar note, the two gentleman concerned are fully aware that they are in their twilight years and accept that maybe buying a flat with say a 20 year lease would be a better solution and would be more than sufficient to outlast them
With regard to myself, I am a landlord, but only deal with freehold houses, so know very little about leases/maintenance etc, let alone short leases……….These two kindly gentlemen have come to me for help and advice and I would very much like to help them, hence I would appreciate good sound advice from you and your contributors that would not put them in any more financial difficulty than which they already find themselves in.
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