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Fair Deal Question - Selling property after year 3

  • 06-07-2021 10:39am
    #1
    greengirl31
    Registered Users, Registered Users 2 Posts: 416 ✭✭


    Hi All,

    I'm looking for some advice please ...

    I'm applying for the fair deal for my Dad who has declining cognative function at the moment. I understand that the 7.5% of the property value is for the first 3 years of care only so I presume in year 4 and after, the amount paid by the state increases.

    In relation to the property though, if it is sold in year 4, is a new assessment done so that the proceeds are treated as cash. The reason I ask is that the property in question is an apartment and my dad is a relatively young man and is healthy other than the memory issues so he could be in there for years. I don't want the property to fall into dis-repair and I also don't want the hassel of renting it out either.

    TIA


Comments

  • #2
    SVI40
    Registered Users, Registered Users 2 Posts: 699 ✭✭✭SVI40


    The property only comes into the fair deal once the person passes. If they are in the home for one year, the state get 7.5% of the value. If they are in it for 20 years, the state only get 3 X 7.5% of the value, 22.5% in total.

    If you sell the property before the person passes, the equity is taken as income / savings and will be used to pay a greater portion of the persons contribution to their care.

    As far as I'm aware, you cannot rent the property once it is part of the fair deal scheme.


  • #3
    greengirl31
    Registered Users, Registered Users 2 Posts: 416 ✭✭greengirl31


    SVI40 wrote: »
    The property only comes into the fair deal once the person passes. If they are in the home for one year, the state get 7.5% of the value. If they are in it for 20 years, the state only get 3 X 7.5% of the value, 22.5% in total.

    If you sell the property before the person passes, the equity is taken as income / savings and will be used to pay a greater portion of the persons contribution to their care.

    As far as I'm aware, you cannot rent the property once it is part of the fair deal scheme.

    Thanks for this ..... I was hoping we could sell the property in year 4 and just leave the proceeds in his account and use it to pay off the fair deal loan which it looks like we may end up needing


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