Posted on 9 December 2010 by E.Brown
My Grandparents retired to France, where they owned their apartment outright with approx. £10k in additional savings and private and state pensions as 'income'. After my Grandfather passed away the apartment has gone on the market but is as yet unsold. We need to get my Grandmother back to the UK as soon as possible but sadly none of us has the space or finances to be able to help. Are there any options available to someone aged 82 in terms of temporary finance to be able to buy a retirement property in the UK before the property in France is sold? We have looked at rentals but due to her fragile state we don't feel she is strong enough to cope with the stress and upheaval of multiple moves. The French property is worth approx £230k and the value of the retirement properties she is looking to buy in the UK are around £100-145k. Any advice/suggestions would be gratefully received.
I am not aware of any temporary finance that would be available to your Grandmother until her property in France is sold. Depending on your own personal situation it may be possible to arrange a second mortgage for a "dependent relative" but I get the impression that this is not an option.
If you are really not able to accommodate your Grandmother, then you will need to look at how the property in France is being marketed and whether the sale price should be reduced to achieve a quicker sale. Whilst this may be a difficult decision now, it sounds like it may be in her best interests in the long run.
There are specialist overseas property agents in the UK who may be able to help you and I recommend that you speak to a reputable independent Mortgage Broker who can put you in touch.
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