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PostPosted: Mon Nov 16, 2009 3:51 pm 
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Joined: Wed Oct 08, 2008 2:21 pm
Posts: 72
Location: Hampton
Hallo

I am just going through the form for DD1's senior school and it asks:

"If there are any reasons why net assets cannot be converted or utilised to pay school fees or to fund fees please give details on a separate sheet."

I was just going to leave this and not give any details on a separate sheet. The school will then take the view that we can remortgage I guess. But perhaps I should fill out some details? Is this a normal question for a Bursary? We have remortgaged once 4 years ago to release some money towards day to day expenses ie school fees. Do I mention this? What about the fact that DH is dead against releasing any further equity - is this a valid reason?

Any views appreciated.

Richmond


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PostPosted: Mon Nov 16, 2009 4:01 pm 
Not sure if it is a valid reason not wanting to release it but in the current climate you may no be able to release the equity. The questions probably relates more to if you have a second property, timeshare, shares or luxury cars.


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PostPosted: Mon Nov 16, 2009 4:02 pm 
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Hi

I have never had experience of filling in a form like this - certainly sounds like they are not going to easily part with their money!

I suppose they are looking to see if people are sitting on vast equity in a property and could remortgage - off course many people may already have mega mortgages and little equity, but then their net assets will not be great.

Reasons I can think of why net assets could not be converted would be that they are jointly owned by someone else eg parent or sibling etc .. or a part of a trust etc.

tricky!


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PostPosted: Mon Nov 16, 2009 4:42 pm 
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Location: Hampton
Yes in our case our only asset which has some "net" is the property (although I do have some savings - see later). We could try to remortgage again, although the property is jointly owned so if DH refuses then that would not be an option. I do have some savings but not a lot. I dip in for a top up towards school fees as and when needed.

There is also another section, Assistance from other sources. I have mentioned the amount we get termly from grandparents towards DD2's fees (not DD1's), but it says:

"In order to help the greatest number of parents who need financial assistance, all those who apply for a grant from the school are asked first to enquire if they are eligible for assistance from any other source. Please state whether you have applied to trusts or foundations for a grant, and if so to which and with what result."

I did not think we would be eligible for any other grant but must admit have not researched this property as yet. I thought this related to certain groups of people ie children of ministers/servicemen etc. but perhaps not? Anyone had experience of this?

Thanks

Richmond


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PostPosted: Mon Nov 16, 2009 4:44 pm 
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Joined: Mon Dec 05, 2005 3:01 pm
Posts: 250
Location: Richmond
Sympathy - understand how difficult this is. As I posted on another thread some time ago - bursars have duty of care to those parents who struggle to pay fees, cash in inheritance expectations from grand-parents, release equity, cash in pensions, give up season tickets to chelsea, sports memberships etc , so the fact that your dh is unwilling to release equity is not going to be of interest to them... if you CAN'T release equity that is a different matter.

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Thea


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PostPosted: Mon Nov 16, 2009 4:49 pm 
Always said no help from other sources as we are not eligible. I don't think you are eligible Richmond as it tends to be military, clergy, disadvantaged charities etc.


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PostPosted: Mon Nov 16, 2009 4:55 pm 
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Agree with Thea - unfortunately not wanting to release equity is not going to hold water, can't imagine anyone willingly wanting to..... :?


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PostPosted: Mon Nov 16, 2009 5:39 pm 
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Location: Warwickshire.
I was asked a question that was something like that. I answered honestly and said that our only money was £?k which was equity in our house. I have never been asked to remortgage. Let's face it, you may have equity currently but the market can (and has) changed.

Just answer all questions honestly.


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PostPosted: Mon Nov 16, 2009 5:52 pm 
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Joined: Fri Jul 06, 2007 8:31 pm
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Agree. I think Tipsy hit the nail on the head.
Probably relates to your Ski Chalet in Chamonix.

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PostPosted: Mon Nov 16, 2009 5:54 pm 
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Joined: Mon Aug 13, 2007 10:47 am
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Location: Warwickshire.
Yes, I've always answered that, as yet, I have never found anything which I would be eligible for.


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