Selling property as LPA

stator

Have you considered renting it out for him instead? It would fund his care and last forever instead of running out.

xylophone

As LPA you must act in the best interests of your uncle.

You will almost certainly be required to demonstrate that a fair market value has been placed on the property, especially as the council is involved.

You might be best paying for a RICS surveyor if you or any connected person is to buy the property.

Otherwise, getting three or four valuations in writing from local agents and then putting it on the market at the average price should do.

troubleinparadise

If an attorney wishes to buy the donor's property, the attorney must contact the Office of the Public Guardian first.

Taken from Gov.UK's guide to acting as an attorney:

Buying or selling property

You can buy or sell property on the donor’s behalf if it’s in their best interests.

Contact OPG if:

the sale is below the market value
you want to buy the property yourself
you’re giving it to someone else
They can advise you on whether you need to apply to the Court of Protection about this.

Here is a link to the Gov.UK LPA Guide:

https://www.gov.uk/lasting-power-attorney-duties/property-financial-affairs

A solicitor acting to sell the property on behalf of the donor should advise you of this, and ensure that the legal requirement to act in the best interests of the donor is met - not sell the property at less than the market value to the attorney or anyone they might choose.

DollyPickle

It could be argued that it is not in his best interests per se, as he’s not going to go out and buy a new Jaguar, hot tub and cruise  the money will go to the care home and any relatives found upon him leaving us in the future. Although hopefully ensure he’s kept in the home of choice.

Doh I didn’t even think to look at .gov.uk

I also was enquiring as to whether I could purchase as LPA, not looking at substantially under the market value. I didn’t even think would be possible, I’ll go check out .gov.uk now, many thanks everyone!

troubleinparadise

Dear DollyPickle,

I quite agree on the "best interests" bit - I wish my mum had lived on smoked salmon and champagne whilst cruising all her money away.... But to her it was important to have her rainy day fund - which did go towards care fees ultimately.

I hope you manage to work things out for your uncle - being an attorney is quite a weighty responsibility legally as well as time wise and emotionally at times.

DollyPickle

It's sensible to have a nest egg for rainy days (except we never do have them do we, we nurture our egg instead!)

Thank you. You're right, it is emotionally hard, I am the only family that seems to give a damn about him, whilst dealing with the practical aspects, you forget that is emotionally draining and upsetting to see the demise of a loved one.

Slinky

stator wrote: »

Have you considered renting it out for him instead? It would fund his care and last forever instead of running out.

It's unlikely that rental income for a property will fund care home fees unless it's a really substantial property. You could easily pay for a week in a care home what you could get for a month renting a property out.

System

Slinky wrote: »

It's unlikely that rental income for a property will fund care home fees unless it's a really substantial property. You could easily pay for a week in a care home what you could get for a month renting a property out.

I agree with this. My grandma's care home fees are £900 a week. Can't see her house renting for that amount, sadly!