friend wants to give house please help.

confusednorfolk

So any more thoughts on the advice we were given today please ????

confusednorfolk

Hello i was wondering if anyone can give me some advice, My friend is in the process of giving me a small property (see my other posts) and we have had some advice that it may be a good idea to get a letter of indemnity written out from a third party profesional who has met my friend to say that no coersion has taken place.

We have been dealing with a company that are sorting out my friends pension and wills and also dealing with setting up a LPA, they have obviously been to my friends house on many occasions. They have quoted £750.00 to do this said letter which i was shocked about, when i questioned the cost they said it is just not a letter but indemnity backed ?

Can someone please explain in laymans terms what all this means, and more importanaly if the cost is a figure that is acceptable ?

Many thanks and i apologise if this is not in the correct section of the forum.

Biggles

You've started another thread ('Letter of indemnity'), which mentions the friend being subject to an LPA.

This rings alarm bells. You didn't mention this before, AFAICS.

You would be very unwise indeed to accept a gift from someone who is subject to Power of Attorney.

The Attorney's job, with which he is charged by the Office of the Public Guardian, is to maximise the income and assets of the Donor. He can't possibly do that by giving a house away.

No wonder you wondered whether there might be problems with his brothers. Damn right there would!

If you yourself were to be the Attorney, any charges of theft/fraud would be even more serious.

xylophone

someone who is subject to Power of Attorney.

But he isn't?

We have been dealing with a company that are sorting out my friends pension and wills and also dealing with setting up a LPA,

He is setting one up which is a different matter? https://www.gov.uk/power-of-attorney/choosing-your-attorney
http://www.ageuk.org.uk/money-matters/legal-issues/powers-of-attorney/

G_M

This is why starting new threads on old topics is such a pain. No, I heven't read your previous ones....

* How old is the friend?
* of sound mind? Officially? In reality? Legally?
* who are the trustees?
* 'company'? what company?
* is the Office of Public Guardian involved?

Mojisola

G_M wrote: »

This is why starting new threads on old topics is such a pain. No, I heven't read your previous ones....

To be fair, this thread is asking a specific question about the price of a letter of indemnity. The background doesn't really need to be known.

Whether the whole thing is good idea is a different matter!

The other thread is here -
https://forums.moneysavingexpert.com/discussion/4399841

Thrugelmir

Mojisola wrote: »

To be fair, this thread is asking a specific question about the price of a letter of indemnity. The background doesn't really need to be known.

Letter of indemnity normally arises where there's a contractual arrangement and is issued by an insurance company. The cost reflects the insured risk.

t0rt0ise

The bit I can comment on because I know a bit about is the deprivation of capital idea if the guy needs care in the future.. the solicitor is quite correct in this regard, the guy's age is such that even if he were to need care next year for some tragedy, he could not have foreseen this and deprivation of capital would not apply.

Sounds to me like the advice is spot on including getting something from a doctor to state that he is of sound mind. Excellent advice.

Biggles

xylophone wrote: »

But he isn't?

He is setting one up which is a different matter?

The OP does seem to be talking about arranging for a substantial gift from someone vulnerable whilst, at the same time, talking about making arrangements for the control of their affairs.

Those two pieces of information alone should be enough to make anyone think this is something that should be tackled very carefully indeed.