UK Property Law
Get UK Property Law Questions Answered by Experts
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first.
When did the council say that the money had to be in his account - bearing in mind that if he had a mortgage then it would not be?
In that case there will be no problem.
Your loan will go into his account the day before the purchase is completed and will go out the next day
This will be a documented loan and will not effect his benefits.
From your point of you it shoudl also be backed up with a Declaration of Trust confirming that whilst the property is in his name he holds it on your behalf.
However do be aware that if he needs care then the Local Authority will view him as owning as a minimum the percentage equivalent of the deposit
I hope that this is of assistance - please ask if you need further details
The Council will simply not be interested - they want the purchase price nothing more.
However if your grandfather has to go into a Care Home and needs help with the fees, he will be assessed on the basis that he doe shave a share in the property equivalent to the percentage discount received