What advice would you give to the following scenario
Person in their 70's, own home plus 1 investment property living off the rental income. Now too old to manage the investment property any more. The sale of it would probably net 200K (less costs and capital gains). The home needs modernisation, about 30 to 50K to get it back in shape (not sure on amount but changing from oil to gas and a few other major jobs and need to replace 10 year old car). Would they be allowed to claim any part of old age non contributory pension, if not do they have to spend the capital first and then can they claim the pension? Are they allowed use some of it to modernise the home. Are they allowed to give some of the money away as they want to help one of their children in financial difficulty.
Anyone with any ideas or suggestions would be very welcome including not selling the investment property.
Person in their 70's, own home plus 1 investment property living off the rental income. Now too old to manage the investment property any more. The sale of it would probably net 200K (less costs and capital gains). The home needs modernisation, about 30 to 50K to get it back in shape (not sure on amount but changing from oil to gas and a few other major jobs and need to replace 10 year old car). Would they be allowed to claim any part of old age non contributory pension, if not do they have to spend the capital first and then can they claim the pension? Are they allowed use some of it to modernise the home. Are they allowed to give some of the money away as they want to help one of their children in financial difficulty.
Anyone with any ideas or suggestions would be very welcome including not selling the investment property.