Right to Buy - Power of Attorney?

sarbaloosa

Hello,

My dad has a disability and I am his power of attorney appointee for Property and Financial matters.

If my dad wanted to exercise his Right to Buy on his council property, could I use my earnings to pay for it? I am not a tenant nor do I live in the property.

Thanks

booksurr

so you want to buy the house for your own financial gain rather than the well being of your father since he clearly cannot afford to do so himself and presumably would have no idea you were so doing

power of attorney carries responsibilities towards the dependent, not yourself

davidmcn

booksurr wrote: »

presumably would have no idea you were so doing

The OP hasn't said what the nature of the disability is.

Let's presume they're acting in the best interests of dad - yes, you can gift him the money so he can buy the house.

beecher2

Your finances and your dad's should never be mixed together - power of attorney means you have to be sure of always doing what is in his interest, not yours. I wouldn't have thought you could buy on behalf of your dad, but contact your dad's council or HA for up to date information.


booksurr, PoA doesn't necessarily mean that the OP's dad is not aware of what's going on. There are many different reasons for setting one up. You also dont' know the motivation behind the OP's thread.

beecher2

davidmcn wrote: »

The OP hasn't said what the nature of the disability is.

Let's presume they're acting in the best interests of dad - yes, you can gift him the money so he can buy the house.

The OP asks if they could use their earnings - I took that to mean could they get a mortgage, rather than gift a lump sum.

sarbaloosa

Thank you.

My father would like to buy the house but he doesn't have the finances to do so however, I do (not as a lump sum though). When you say gift, I assume you mean as 1 lump sum?

Is it possible for me to apply for a mortgage towards the house in my own name?

Bantex_2

Why would your father wish to give up his secured tenancy if he has a disability? Makes no sense from his point of view.

jacques_chirac

You won't be able to get a mortgage for a property you do not have an interest in.

I can't see that buying it would be in the best interests of your father. He has security of tenure, access to housing benefits if needed, and all major repairs taken care of. Buying it would mean taking on a mortgage and the costs of insurance, repairs etc. I can't see how it would benefit him in the slightest.

sarbaloosa

He is not giving it up. He would either a) continue living there indefinitely or b) move in with me irrespective of me payng

Buzby

As the right to buy is being ended, you may already be too late. The Council or HA can set the wheels in motion, but if your parent does not remain resident for 5-6 years, any calculated discount must be repaid. This is also a requirement if he moves to a care home.

Irrespective of who pays, the liability remains - if the care home costs have to be met from the sale of the property, you lose out big time. You would have to make a claim on your father's estate and from what you say this will be minimal.

I'd suggest this is a big risk investment and you may even find it impossible to get a mortgage as you won't be living there.

kingstreet

sarbaloosa wrote: »

Thank you.

My father would like to buy the house but he doesn't have the finances to do so however, I do (not as a lump sum though). When you say gift, I assume you mean as 1 lump sum?

Is it possible for me to apply for a mortgage towards the house in my own name?

You cannot be an RTB (with the tenant) applicant unless you've lived in the property twelve months or longer.

You may be able to be an applicant for a mortgage on a property in which you have no interest. However, as the property would not belong to you this would be a very risky move.