Renting or selling a property if funds not needed for care.

[love.dad.but..]

Update:

I took everyone’s advice, asked an estate agent for rental price and suggested getting a solicitor to help set up tenancy agreement.

oh dear!!
attorney is kicking off, accusing me of being unreasonable in insisting we should get the tenancy agreement set up by a solicitor. Also says he was hoping for a family discount rate which he would supplement himself. So I am in the doghouse!!

He wants to help out his son. Fair enough, but now I am worrying that I am being unfair. Are we allowed to rent out at a discounted rate? I can’t seem to find an answer.

As suspected family mates rates are expected. At this point perhaps firmly remind the attorney that you all have to work together for the benefit of the donor who trusted that you would carry that task with due diligence and her financial protection.
If an attorney sells a property to a family member to protect the donor I believe that the sale has to be referred to the OPG and a trustee appointed in their place to represent the donor and their interest so that their is no conflict of interest. I wonder if that would be the same and apply for said attorney for renting situation?
Stand firm if it were me there is a morally right way and a wrong way of doing things!

 

[starryuk]

Louise, thank you. I did go back and reread the link after I asked the question earlier. I must have missed that detail first time round. Sorry.
Gosh Shedrech, you had exactly the same situation. It's no fun being the 'bad guy' is it.
And Canary, Duggies girl Love Dad But and Alex, thank you all so much too. It is so easy for me to doubt myself and back down under pressure, but you have all reassured me so much. I am really grateful to you all for taking the time to give me your thoughts and advice. Such a relief to know that my gut instinct is right.

 

[Woo2]

Me too , similar situation but I was sole attorney , sibling wanted their son to live there mates rates and rent paid to them and not PWD and failing that for him to live there rent free ? . I went and changed the locks and sold the house. Money in PWD ‘s bank account now . No relationship with them as I was subjected to verbal abuse, spat at , and reported for abuse of my PWD because of it . I don’t want to put you off doing the right thing so ... don’t do it unless you have OPG permission and use a solicitor for tenancy agreement ! Please stay firm and carry out your responsibilities of ensuring it’s the best interests of your PWD . Good luck .

 

[starryuk]

I finally understand!
I have just found out that the plan was to install the son as a ‘paying caretaker’. No doubt at a nominal rent. Thanks to you all, I have stood firm and the plan has been abandoned... as have cordial relations with the attorney. Never mind, I can cope with that for now.

 

[Woo2]

I’m glad it has been resolved , you did the right thing for all concerned .

 

[Duggies-girl]

Well done standing firm.

 

[canary]

Im glad its been resolved. Im sorry that there has been a loss of cordial relations with the other attorney, but TBH, even if you had gone ahead there would have been problems (probably bigger ones) that would have destroyed the relationship anyway.

It is such a shame when money creeps in.

 

[Shedrech]

That explanation sounded all too familiar @starryuk ... I hope the fall out improves over time

I suggest you don't wait any longer to sell the property... I can imagine the Attorney trying this again and until it is sold the property is your responsibility... sold, it is one less problem to have to deal with... in my situation, it was a weight off my mind and I hadn't realised how much stress I felt over it until the problem was gone

 

[Bunty2410]

At the end of the day our role as POAs is to act in the best interest of the donor. We are accountable for our actions to the OPG and to this end should always act with integrity, honesty, transparency and honour. What your co-attorney suggests would suggest he doesn’t quite understand his responsibilities (I’m being generous) and the other one who is sitting on the fence needs to put his brave pants on and fulfill his role as a POA.

 

[love.dad.but..]

Good I am glad, I felt a huge relief after selling dad's house and not having to go to check it every week, cut the grass etc. It greatly simplified all his affairs whilst he was in his care home and I knew he then had more than enough money to supplement his pension self funding as his savings were running out plus when he died it made it all very easy and straightforward to gather his funds into his estate. The current stamp duty holiday atm may make it attractive to buyers by putting the property on the market now.
Well done for standing firm, continue to do so.