Hi everyone,
I’m after some advice regarding buying my mam’s house which she owns half of with my stepsister (who doesn’t live there). I hold POA for mam and need to sell the house on her behalf to pay for her fees. I’d like to buy the house from my mam but have had advice from a solicitor who explained that as I hold POA for her and wish to buy the house from her, there could be a conflict of interest and I would have to apply to the OPG for guidance. I understand this as I would need to have the best possible valuation on the house on mam’s behalf as seller and the lowest valuation on my behalf as buyer! Just wondering if anyone else has gone down this route of buying a parent's property and if so, how much extra money did they incur in seeking OPG’s approval and how long did it take. Hope this makes sense. Thanks for reading.
I’m after some advice regarding buying my mam’s house which she owns half of with my stepsister (who doesn’t live there). I hold POA for mam and need to sell the house on her behalf to pay for her fees. I’d like to buy the house from my mam but have had advice from a solicitor who explained that as I hold POA for her and wish to buy the house from her, there could be a conflict of interest and I would have to apply to the OPG for guidance. I understand this as I would need to have the best possible valuation on the house on mam’s behalf as seller and the lowest valuation on my behalf as buyer! Just wondering if anyone else has gone down this route of buying a parent's property and if so, how much extra money did they incur in seeking OPG’s approval and how long did it take. Hope this makes sense. Thanks for reading.