A request for help

[Dave2302 387]

I don't know if this is allowed, but it has been on other Forums, so if it infringes anything, Mods please feel free to delete.

I know it's hard times for some businesses post lock-down, so there are no expectations, just a little hope.

Note that I am not asking for contributions, it's early doors yet, but if anyone feels they wish to, no matter how small, anything will be received gratefully.

The most important thing I am trying to do atm is to get this shared on as many media platforms as possible.

I set it up with GoFundMe as everything is recorded and above board, and I will be making statements available to see that amounts are being paid off as and when they get transferred likely monthly or quarterly.

The purpose is to help out someone who really needs help and is a godsend to our local community, she has also helped me personally, as she is a carer, she helped a lot when Mels Brother and Dad were both dying a few years ago of  Cancer and Dementia.

For obvious reasons the lady wishes to remain anonymous, so her personal details and account numbers will be removed on documents made public.

https://www.gofundme.com/f/local-lady-with-io-mortgage-due-past-retiementage?utm_source=facebook&utm_medium=social&utm_campaign=p_cp share-sheet&fbclid=IwAR3R7vXUrcY3pdXipKEQ96WVMUIUzMdl_zOgzFbBZAYq8Mv0X89H8Dzmuqg

Thank you for reading and looking

Edited September 2, 2020 by Dave2302

[trade vet 702]

Is there not an alternative like a sale and lease back deal.Would the lady not prefer to remain living where she is rent free.So if there is going to be £100k negative at the end of the term and the property is worth a lot more,can she not sell to an investor.The investor pays £100k and she signs over the property in return for a long term tenancy agreement based on Housing Benefit current levels which presently brings in about £450 per month.So the investor gets 5% return which I doubt they can get elsewhere without taking some risk.As the property is worth more ,does that not add up for the investor and for the tenant who will be rent and council tax free.Does that make sense or not.

BTW Dave good photy but that Cossie does not look straight ( if there was such a thing ) or is it an XR4.The wheels don’t look right to me.

[Mojo121 229]

1 hour ago, trade vet said:

Is there not an alternative like a sale and lease back deal.Would the lady not prefer to remain living where she is rent free.So if there is going to be £100k negative at the end of the term and the property is worth a lot more,can she not sell to an investor.The investor pays £100k and she signs over the property in return for a long term tenancy agreement based on Housing Benefit current levels which presently brings in about £450 per month.So the investor gets 5% return which I doubt they can get elsewhere without taking some risk.As the property is worth more ,does that not add up for the investor and for the tenant who will be rent and council tax free.Does that make sense or not.

That's the way to do it. Failing that get it out in the local rag and someone local with a few quid will go for it. £100k for a house worth more with guaranteed 5% yield, no brainer... even if bought they could remortgage straight away and pull out the money and buy another. Sounds a good opportunity.

[Casper 272]

She must be a diamond dave my dad has dementia and a very close friend who has been like a second mum/grand mum to me and i would refer to more like family and her husband died of cancer who i also thought of family it hard to sit by watch its like losing them twice me and dad were always close still are also lost a mechanic friend to cancer one of the.best guys i knew as well as best mechanics  carers do a great job and deserve more recognition sometimes ..

as do doctors and nurses i lost a friend who was also there for me like family a few years ago to  a heart condition

it actually heartbreaking to see someone like that in a position like that 

wish ur friend all the best mate and thank her for the work she does .. 

Edited September 2, 2020 by Casper

[Dave2302 387]

13 hours ago, trade vet said:

Is there not an alternative like a sale and lease back deal.Would the lady not prefer to remain living where she is rent free.So if there is going to be £100k negative at the end of the term and the property is worth a lot more,can she not sell to an investor.The investor pays £100k and she signs over the property in return for a long term tenancy agreement based on Housing Benefit current levels which presently brings in about £450 per month.So the investor gets 5% return which I doubt they can get elsewhere without taking some risk.As the property is worth more ,does that not add up for the investor and for the tenant who will be rent and council tax free.Does that make sense or not.

BTW Dave good photy but that Cossie does not look straight ( if there was such a thing ) or is it an XR4.The wheels don’t look right to me.

 

13 hours ago, Mojo121 said:

That's the way to do it. Failing that get it out in the local rag and someone local with a few quid will go for it. £100k for a house worth more with guaranteed 5% yield, no brainer... even if bought they could remortgage straight away and pull out the money and buy another. Sounds a good opportunity.

 

12 hours ago, Casper said:

She must be a diamond dave my dad has dementia and a very close friend who has been like a second mum/grand mum to me and i would refer to more like family and her husband died of cancer who i also thought of family it hard to sit by watch its like losing them twice me and dad were always close still are also lost a mechanic friend to cancer one of the.best guys i knew as well as best mechanics  carers do a great job and deserve more recognition sometimes ..

as do doctors and nurses i lost a friend who was also there for me like family a few years ago to  a heart condition

it actually heartbreaking to see someone like that in a position like that 

wish ur friend all the best mate and thank her for the work she does .. 

The lady is an absolute diamond, has and still does care work for old folks as well as a full time job, she does not get paid for the care work.

Myself and another local guy have explored a lot of avenues, if anyone knows of a reputable company or person who does this kinda thing then please put me onto them.

If her selling is the only option next April then so be it, but right now we are trying to save the 120k + equity she has in it so when she dies her kids at least get something.

We have discussed a bunch of options, I know she would, (nearer "D day" which is April 2021), go for a reasonable deal where she lives in it until death, she is realistic, but also proud, a little stubborn and her children, (adults) are very dear to her.

I would look at buy to let mortgage, may still do so, but I am 58 now, so that may be an issue IDK I've never looked at Buy to let.

What we discussed so far is that right now, any investor gets his £100k worth, a monthly rent of HB rate, and upon death it gets sold, with the investor gaining on any total value increase, so the kids get their 120k split between them upon her death. In other words the Investor gains the 5% on total value at death, for his 100k investment plus the monthly rentals or the investor could BIN for £220k and then has total ownership with tenancy agreement as above.

She doesn't want me to discuss this with anyone local, I respect that, but it is a shame as I have a very wealthy customer, a property developer who actually does this sort of thing.

 

Regarding the Coswoof, it was taken by me as a p/ex .............. A mint condition 4x4 2.0 Sapphire, I stripped it to a bare shell and scratch built it from all genuine Cosworth parts, the wheels were aftermarket.

Thanks for your advice, and please, if anyone gets time, share the fund raiser on as many platforms as you can

[metcars 397]

Not meaning to hijack Dave’s thread.

But could somebody tell me, IF a homeowner needs an equity release perhaps for a sibling in need of a large cash advance, does the equity release company buy the property immediately before any cash is released,  or do they just wait until the house sells?

[beenaroundtheblock 21]

1 hour ago, metcars said:

Not meaning to hijack Dave’s thread.

But could somebody tell me, IF a homeowner needs an equity release perhaps for a sibling in need of a large cash advance, does the equity release company buy the property immediately before any cash is released,  or do they just wait until the house sells?

https://www.moneysavingexpert.com/mortgages/equity-release/

[metcars 397]

54 minutes ago, beenaroundtheblock said:

https://www.moneysavingexpert.com/mortgages/equity-release/

Thanks. Apparently I’m looking at a “home reversion plan” not equity release? Which answers all my questions.

[Dave2302 387]

Thank you to all who have shared and / or contributed, as they say, every little helps.

Sharing, (and Donations however small), is the most important important thing

I'm sad to say that it seems to have stalled right now, but I fully intend to keep it running until she reaches a conclusion with this.

So far with everyone's contributions, many from guys I've never actually met, we have £500 in the Fund Raiser and I have another £500 which is from myself and some other businesses who I deal with, and have been good enough to come on board, we will be sponsoring her with a fixed amount each per month now, in order to reduce that Capital Sum

The lady is in awe, she wants me to pass on her heartfelt thanks to everyone who has so far donated and shared

I am taking her to see my Accountant, I spoke with him last week and he thinks he may have found a loophole where he can get an extension on her existing mortgage of 2 years, so if he can it means the D Day will then be April 2023, which will mean there is a whole lot more time and a much better chance of getting to the target.

Once again, thank you all, and my final comment for now is to quote the old saying .....................

"You really do find out who are true friends in times of crisis"

https://www.gofundme.com/f/local-lady-with-io-mortgage-due-past-retiementage?utm_source=facebook&utm_medium=social&utm_campaign=p_cf share-flow-1&fbclid=IwAR1pO5CUqoA7H5iKQdenrlAkdyI5iWHjAu1Cg_jcJO5-oV0Te2NCOjrl58k