Right to Buy - Power of Attorney?

Bantex_2

sarbaloosa wrote: »

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

So what is the advantage to him?

sarbaloosa

Guys although I appreciate your concerns about the best interests of my father, (and apologies for sounding blunt) but I know my father and his best interests better than you.

I am merely seeking advice with respect to me taking on a mortgage of a house in my name being his POA. Is it possible to do that or not?

beecher2

He would also be likely to be able to be transferred to more suitable housing, should his disability impact on his needs in the future.

You are probably best to phone the landlord, or contact
http://righttobuy.communities.gov.uk/agent-service/

kingstreet

sarbaloosa wrote: »

I am merely seeking advice with respect to me taking on a mortgage of a house in my name being his POA. Is it possible to do that or not?

Is his income sufficient to cover a mortgage and will the term available be long enough for it to be affordable?

sarbaloosa

Buzby wrote: »

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.

Cheers Buzby.

Any links to RTB ending please?

So the best/easiest way for him to buy this property is to:

1. Be gifted the money and buy it straight out
2. Continue living there for 5-6 years

Not heard about the RTB ending so would be keen to read more on that. I have tried to Google it but have not found anything.

beecher2

sarbaloosa wrote: »

Guys although I appreciate your concerns about the best interests of my father, (and apologies for sounding blunt) but I know my father and his best interests better than you.

I am merely seeking advice with respect to me taking on a mortgage of a house in my name being his POA. Is it possible to do that or not?

PoA is of no significance in this. Your finances are completely separate from his - it worries me that you don't know this.

sarbaloosa

kingstreet wrote: »

Is his income sufficient to cover a mortgage and will the term available be long enough for it to be affordable?

He lives of benefits, which is why I am wondering if I as his appointed POA could take this on for him in my own name and against my own finances/credit rating, which is good.

Thanks

sarbaloosa

beecher2 wrote: »

PoA is of no significance in this. Your finances are completely separate from his - it worries me that you don't know this.

Ok well that is pretty much the answer I was looking for. So the easiest way to purchase this property is to adhere to my previous post.

kingstreet

Right.

You are two distinct individuals.

As his PoA, you are effectively him. If you buy the property as him, it is his income which is taken into account.

Now, take off your PoA hat.

As you, you can't be a joint owner, but you may be able to be a party to the mortgage but, as I said this would be an extremely risky stance as you would effectively have all the downside of the debt with none of the upside of ownership.

sarbaloosa

Just had another idea. I could remortgage my own house, which is fully paid off for the value of what my fathers council house is worth.

I could then gift him the money as a lump sum, stay with him for 5-6 years before allowing him to move in with me in my other house. That way, I would be paying amount of as a mortgage but against my OWN home.