If you are in a care home and we take account of the value of your property, we will class you as having over £23,250. This means you are responsible for paying the full cost of your stay in a residential or nursing home. However, you may not be able to do this if you are not able to sell your property immediately or if you decide that you do not wish to sell your property.
We may be able to help people in this situation by offering the Deferred Payments Scheme (the Council has discretion whether or not to offer this option). This can help with paying your care-home fees. However, this money is a loan so you will have to repay it. The loan is secured by a ‘legal charge’ on your property (like a mortgage). This means you cannot sell your property without us reclaiming the amount we lent you.
Are there any fees?
During the client’s life time, this loan is interest free. Interest will be added 56 days after the client’s death or the agreement is ended. This is charged at 2% above the Bank of England’s base rate. Repayment of the debt including interest is due within a year of the client’s death. Other charges are made of £70 for Land Registry fees and £75 for legal and administration costs.
How can I find out more?
If you are considering the Deferred Payments Scheme, you should speak to your social care manager.