Can I buy my Paretns house

Keep_pedalling

You say the house is owned by your father. If you mother does not own any of it surely it should be counted for his care alone. It would only count for her care if she inherits his estate if he dies before her.

tlc678910

Hi,

You have to act in your parents best interests (as a power of attorney) so this would mean getting the best price you can for them if you sell their home to fund their care (subject to the best price being able to proceed). Basically you need to be able to evidence you are acting in their best interest.

If you wanted to buy your parents home rather than advertise it on the open market it would be very important to use a transparent process for determining the value so that you are not accused of acting improperly. This could be getting an independent valuation in writing by a RICS qualified valuer and paying the price that they suggest. Anything you do should be open to scrutiny.

You need a deposit to get a mortgage. Would a family member lend you the money (not your mum and dad as they lack the capacity to decide to loan you money). Would a family member like to buy jointly with you and can afford the deposit - which can be protected for them? I think there may be one or two mortgages lenders who allow a deposit to be borrowed on a loan (subject to affordability that you can afford both the mortgage and loan payments) so you could ask a broker about this.

As a power of attorney I believe you need to appoint a trustee before you can sell the property.(EDIT after a quick look I think that this might be only for jointly owned properties).

From your post it doesn't seem to be the case but just to add your parent's home should be exempt from consideration for their care fees if they live with a relative that is disabled or over 60.

You might be able to keep the property if your parents use the council's deferred payment scheme and you go on to inherit. If you can raise a mortgage that is enough to pay off the council care fees and pay any other beneficiaries and if your own share is enough to act as a deposit.

Tlc

xylophone

Your father is the sole owner?

https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/do-i-have-to-sell-my-home-to-pay-for-care/

In the means test the local council must take into account joint owners who own different amounts of the property. They shouldn't assume that joint owners have equal shares, although you may have to provide evidence to prove this.

They shouldn't assume that a married couple are joint owners ?

Would you be able to raise a deposit while the deferred payment scheme operates?

Have you obtained a "fair market value" from a RICS surveyor (or has the council done this)?

elsien

You also need to check the power of attorney situation for dad. If it was set up with mum as sole attorney with no reserves then I believe if mum loses capacity it will no longer be valid.
So it's possible that you will have to look into financial deputyship rather than power of attorney for dad.