worrying about mum & dad while on assignment

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Rob Dolbear from Bridgefast Property Services explores the challenges of caring for elderly family members for relocating employees.

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  • 1. Bridgefast Property Services The challenges of caring for elderly family members for relocating employees 16 thMay 2011 Rob Dolbear Director

2. Setting the scene

  • Moving home is stressful under any circumstances
  • Add to that one or all of the following:
    • old age
    • ill health
    • unfamiliarity with the process
    • a move into care
  • ......and you can see the challenges
  • Each year over 250,000 elderly people move into care
  • 70,000 of those need to sell their home

3. Setting the scene

  • At this stage most sons or daughters get heavily involved
  • But what if they:
    • are in the process of relocating with their job
    • have already relocated remotely in the UK
    • have already relocated abroad
  • The difficulties and stresses are enormous

4. The employers perspective

  • An expat with a feeling of guilt
  • An expat with increased stress levels
  • Lost productivity / efficiency through:
    • absence / travel
    • distraction
  • Home and host HR departments get drawn in
  • How can the expat be given peace of mind?

5. Issues that need addressing

  • Choosing the right solution / environment
  • Options for funding
  • Selling the family home
  • The move itself

6. Choosing the right solution / environment

  • Immediate need or time for planning?
  • Domiciliary care
  • Retirement village
  • Residential care home
  • Nursing home (dementia care?)
  • Just meet current needs or rest of life?
  • Visits / taster days
  • Current cost / escalation clauses

7. Funding Options

  • Selecting the right IFA (minimum CF8 qualification)
  • Society of Later Life Advisers (SOLLA)
  • Later Life Adviser Accreditation (LLLA)
  • Sources of funding
    • State benefits and entitlements
    • Self funding
  • Access to liquid funds?

8. Selling the family home

  • Selecting the right agent
  • Managing the agent
  • Asking price / achievable sale price
  • Appointing and managing a solicitor
  • Negotiating on offers
  • Vacant property insurance
  • Arranging remedial / repair work / gardening
  • Drain down / lock change
  • Personal possessions / removals / auction appraisals / house clearance
  • Utility companies

9. Possible solutions

  • Employee Assistance package (UK and expat employees)
  • Helpline support for expert advice; and
  • The resources to take responsibility
    • sourcing the right care
    • funding the care
    • managing the sale of the property
    • the move
  • Discounted fees
  • Jointly branded literature

10. Possible solutions

  • Bridgefast Property Services
  • Subsidiary of HCR Group
  • The ability to provide a one-stop shop solution
  • Service summary
    • Advice on care options
    • Care/Nursing home search
    • Accompanied visits
    • Managed property sale service
    • Financial Adviser partners for financing options
    • Advance funding facility if required
    • Move assistance
  • Deal with the homeowner or POA

11. Case Study 1

  • Mrs T on extended stay in hospital, Mr T living at home. Both looking to move into care
  • Home visit to London apartment to talk through our service.
  • Accompanied visit to bank to collect safety deposit box
  • Two market appraisals arranged which predicted probable sales prices of 690,000 and 600,000 - 650,000
  • Two auction appraisals for items of value, including ~150 bottles of wine!
  • At this stage Mr T happy to move to care home; organised removal quotations / arrangements.
  • Arranged for clothes and possessions going to care home to be cleaned
  • Arranged collection of items for auction, house clearance for remaining items and cleaning of property prior to marketing

12. Case Study 1 (continued)

  • Property marketed at 695,000. Offer of695,000 received and accepted by client.Final sale price of 670,000 agreed following mortgage survey down valuation
  • Mr Ts own solicitor appointed to do conveyancing
  • Liaised with property management company to pay outstanding service charge and ground rent to enable sale to progress
  • Arranged final meter readings, closure of utility accounts, and final bill despatch
  • Completion achieved 4 months from marketing
  • James provided a superb service. I was most impressed. There were a great many issues and you certainly earned your fees. I know of no-one else who could have provided that level of service throughout. Marvellous

13. Case Study 2

  • Mr B had moved in to a local Barchester care home in Basingstoke
  • One son and two daughters-in-law visited our offices to talk through our service (7 thFebruary).
  • Intensive day care home visits, IFA meeting, then property sale discussion
  • Two market appraisals of Mr Bs retirement apartment arranged - predicted probable sales prices of 85,000 and 90,000
  • We instructed and initially paid for the Energy Performance Certificate

14. Case Study 2 (continued)

  • Property marketed in mid March at 95,950 in line with our marketing recommendations
  • At the beginning of March a care fees annuity quotation was received and Mr B wanted to proceed with advanced funding to meet the premium
  • RICS valuation carried out, and our solicitors appointed to undertake the legal work to provide funding, and in relation to the sale of the property
  • Maximum permissible funds were advanced on 18th March.
  • Under offer on 15 thApril for 93,000

15. Case Study 3

  • Son/POA in Australia
  • Managed sale of Mothers property in UK
  • Standard services sale legals, vacant property insurance, removals, garden maintenance, EPC, house clearance, cleaning
  • On market 26 thMay 2010 110k, accepted offer 29 thJuly 107k, completed 30 thSep 2010
  • A very big thank you for all the help that Bridgefast has provided. I really appreciate your help and responsiveness with me being so far away. I would be more than happy acting as a reference for Bridgefasts services especially for families separated by huge distances where a loved one has to go to a care home in the UK and their family is overseas

16. What does it cost? (Standard fees)

  • Helpline service bespoke, depending onnumbers/requirements
  • Managed Sale Service:
  • Arrangement Fee 299 (incl.VAT)
  • Management Fee 2.25% (+VAT) of sale price achieved
    • Out of which, we pay Estate Agents Fee and standard Solicitors Sale Fees
  • Additional services @ supplier cost (e.g. House Clearance, Removals, Auction appraisals, Gardening, Vacant Property Insurance)

17. What does it cost?

  • Funding :
  • As above plus:
    • Funding arrangement fee (which can be added to the loan):
      • Lump sum - 1% (no VAT) of sum advanced, subject to a minimum of 875
      • Monthly payments - 795 (no VAT);
  • RICS valuation fee at cost (can be added to loan)
  • Interest at 5% per annum (calculated daily and added to the loan)

18. Conclusion

  • With an ageing population and dispersal of the nuclear family many more employees will at some stage have elderly relative issues to deal with
  • Employers can demonstrate their care and understanding by providing access to the right help and assistance
  • A low cost way of reducing the risk of assignment failure

19. For more information

  • Come and see me afterwards
  • Visit the HCR stand (R13)
  • Visit our websitewww.bridgefast.co.uk

20.

  • Any questions?

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