Right to Buy - Power of Attorney?

antrobus

sarbaloosa wrote: »

Cheers Buzby.

Any links to RTB ending please?

....

RTB is ending. In Scotland.
http://www.bbc.co.uk/news/uk-scotland-23155904

No change elsewhere.

sarbaloosa

kingstreet wrote: »

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.

What do you think about my comments in post #21 mate?

sarbaloosa

antrobus wrote: »

RTB is ending. In Scotland.
http://www.bbc.co.uk/news/uk-scotland-23155904

No change elsewhere.

Yes I read that. I didnt know it applied to England just yet.

kingstreet

sarbaloosa wrote: »

What do you think about my comments in post #21 mate?

You can do what you want with your house.

If you want to raise the purchase funds that way, that's entirely up to you.

sarbaloosa

I am not going to BS any of you. But my father would like to leave this property to me when he passes, which God willing will be a long way away from now. He recognizes he may qualify for almost a £70K discount against the council house and would like to leave that to me in the end rather than giving up on the house entirely.

I guess the best way would be for me follow post #21

beecher2

sarbaloosa wrote: »

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.

Huge risks for you as have already been explained. If your dad needs care, the house would be seen as an asset to pay for it.

Why would you stay with him for 5-6 years before 'allowing' him to move in with you?

In my experience with infirm parents, you never know what's round the corner. To an outsider, this looks like a disaster waiting to happen.

sarbaloosa

kingstreet wrote: »

You can do what you want with your house.

If you want to raise the purchase funds that way, that's entirely up to you.

Any better way to raise the funds quickly?

jacques_chirac

sarbaloosa wrote: »

I am not going to BS any of you. But my father would like to leave this property to me when he passes, which God willing will be a long way away from now. He recognizes he may qualify for almost a £70K discount against the council house and would like to leave that to me in the end rather than giving up on the house entirely.

I guess the best way would be for me follow post #21

So this is not in his best interests, it is in your best interests?

kingstreet

Any better way to raise the funds quickly?

Loan, savings, rob a bank?

Have you actually got the S125 in your hand?

If you haven't, you don't need any great speed in raising the money as the process of getting from RTB1 to S125 is a few months long.

booksurr

sarbaloosa wrote: »

I am not going to BS any of you. But my father would like to leave this property to me when he passes, which God willing will be a long way away from now. He recognizes he may qualify for almost a £70K discount against the council house and would like to leave that to me in the end rather than giving up on the house entirely.

I guess the best way would be for me follow post #21

So as I said at the start, your POA would be being used in your best interests to secure your own inheritance, not in your father's financial interest. Your father has no money so the POA is irrelevant. It is your plan in your name, not your father's name and your father would be financially worse off because he then has a maintenance liability which did not exist before - that is not how a POA works!!!

Your father gets no financial gain from it from it and indeed stands to lose if he needs means tested benefits. Your father would of course have the knowledge he has given you a taxpayer funded inheritance as his reward

you can of course remortgage your own home and give that money to your father so he can buy his council house outright without a mortgage. The RTB would be in father's name only since you are not a qualifying person. Ownership would be in father's name only and thus exposed to the discount period (which you are clearly aware of since your expect him to move out at 5 years so "you" can sell up and pocket "your" money) and being used to fund care home - if applicable.