withdrawing from sale - legal implications

desire4prosperiti

My siblings and I are joint powers of attorney for my mother.

We're selling my mother's house on her behalf as she is in a nursing home and need the cash there to cover fees. I told the estate agent that I was the sole legal epa (which I believed I was and have subsequently been informed that I'm not).The estate agent put an offer he'd received to me and I asked for 3k more. My siblings want to hold out for more money.

I'd like us to get together and have furhter discussions. What are the legal - or financial implications for us halting the sale temporarily?

Thanks

Fay

I would imagine that if you have not accepted an offer then there are no legal implications...you just take the house off the market for a while, I do understand the situation you're in. We are in a very similar one, only we are the buyers and we are having a nightmare because the vendor did not realise that they did not have the right of power of attorney...see my thread 'pulling out of sale'.


I beg you not to accept an offer off anyone whilst you don't know your legal situation, its just not fair on the person buying from you. We have now lost £1200, nearly lost our buyers and we are having to move back to my parents because we cannot afford to go for another property...all because the vendor did not check their position before putting the house on the market and accepting our offer

irnbru_2

desire4prosperiti wrote:

We're selling my mother's house on her behalf as she is in a nursing home and need the cash there to cover fees. I told the estate agent that I was the sole legal epa (which I believed I was and have subsequently been informed that I'm not).The estate agent put an offer he'd received to me and I asked for 3k more. My siblings want to hold out for more money.

I think you're in an invidious position here. Power of attorney by committee isn't a good idea.

Are your siblings prepared to make good on any losses if you withdraw from sale and receive a lower price later on?

lisyloo

BTW - the housing market in most areas is extremely slow and is a buyers market.
Your siblings may regret turning down a sensible offer in future especially if there is a downturn.

Make sure they are aware of the risk of waiting with respect to house prices.
Some people think it's about to "fall of a cliff".
They may not be right, but there is definitely a risk.

deemy2004

Problem is it won't register with most sellers until it HAS fallen off the cliff... but offcourse by then it is too late.

desire4prosperiti

Dear all,

Thanks so much for your comments. Sorry to hear of your bad experience. Will talk to the estate agent pronto. Certainly don't want to cause anyone else hardship.

This situation is difficult. It is all part of the larger picture of feeling that mum's penalised by having to pay for care fees because her illness is alzheimer's. I'm trying to find out ways in which we can avoid doing this. And trying not to shoot her in the foot as we're all not so good with money. And have all disagreed constantly, largely due to emotional impact of what's been happening.

POA by committee. nightmare. I'd not visit it on anyone!