Buying property off dad with Poa

[Pitcher15]

Hi,
So the situation is this;
Dad went into a nursing home in march, now money is running out we need to decide what to do with the house. Me and my 2 brothers live in the house still, 1 brother has found a house and will hopefully be finalising the sale soon. Brother 2 has just come back from uni and is slowly sorting himself out but there are places to go if needs be. Me and my boyfriend are thinking of buying dads house (the house I currently live in) mainly because it's everything we want in a house but needs a lot doing to it. We have had it valued and its in our price range. Firstly, how complicated is it to buy off dad? I am the only one with power of attorney and understand it's complicated, we're willing to pay market value but unsure on how to find out it's worth. And secondly who can I turn to for help through the sale? I have asked a solicitor for help but he wasn't helpful at all, just told me it will have to go through court of protection but didn't tell me how to do any of it! I've never brought a house before so haven't a clue what I'm doing! Was thinking citizens adhice may help but don't know if it's they're area of help! Any advice at all would be appreciated. Thank you
Sarah x

 

[Shedrech]

Hi Pitcher15

Maybe contact the OPG and ask them what to do - I've found them very helpful in the past - I only waited 20 mins on the phone, and had an e-mail back within 2 weeks (useful as you then can print out the reply)
The fair market rate for a house, which is what an Attorney would be required to pay, isn't necessarily the valuation given, so you might put the house on the market and see if you get offers, that will give you a true idea of the price and maybe stop you paying over the odds (I'm finding it hard to sell dad's house and have had to accept a low offer - but a house is only worth what someone will pay for it) - no need to tell the estate agent what you're doing.
Maybe the solicitor who organised the POA would be able to help

 

[nitram]

As you have POA an application will have to made to the COP, cost is probably £400.

The house will have to be sold at a fair market value and a trustee appointed to protect your Dad's interests.

It's more complicated because of your Dad's condition but nothing that a solicitor cannot sort out, I'm surprised at the one you contacted turning businesses away, try another solicitor.

 

[canary]

I think that there is nothing to actually prevent you from buying your dads house, so long as you are buying it at the market value. I sold mums bungalow to a friend of hers (I have CoP rather than POA) and had to get 2 different valuations from estate agents to prove the market value. Im not sure that you have to do this for POA, but it might be worthwhile in case of any objections.
I have a feeling that you might have to involve someone as an advocate for your dad, but I am not certain of this. I am sure there will be someone who has done this who can advise you

 

[Pegsdaughter]

When we were buying a house and oh was abroad a solicitor was instructed to act on his behalf. It was very straight forward.


Sent from my iPad using Talking Point

 

[Kevinl]

Hi Sarah, welcome to TP
Get a valuation from 3 local estate agents, take the average and check on Rightmove/Zoopla or whatever, most houses seem to sell for about 95% of the asking price, but this varies from area to area.
You should also get a survey done you may well need one for the mortgage but it would flag up any issues that may affect the price. Although you live there it could be there are things even you've not noticed.
If the brothers agree the offer is fair then ask the CoP, as said probably be a £400 charge. You'd be better off getting the deal sorted before you as the CoP.
K