LPOA can I transfer house

Gettin_me_own_back

We have joint LPOA for a family member, who owns a house. I’m aware we can sell it, on her behalf.
The family member has gone into a care home, with no chance of returning home, on months prognosis and there is a Doles In place. Family member is self funding in care home, and has sufficient money to cover costs, Meanwhile, property is empty racking up bills. I’m wondering if we can transfer the property to us, pay family member the market value. 

xylophone

Meanwhile, property is empty racking up bills. I’m wondering if we can transfer the property to us, pay family member the market value. 

https://www.phrsolicitors.co.uk/legal-services-for-individuals/wills-and-probate/resources/top-tips-if-you-are-selling-someone-s-house-as-their-attorney

Before contemplating this see above; you should get an open market valuation from a RICS surveyor.

I would also use a conveyancing solicitor  to  act in the sale - he will transfer the proceeds to the  donor's own account.

No doubt you are keeping immaculate records/receipts to show that every transaction/payment you undertake on behalf of the donor is in his or her best interests.

Marcon

Gettin_me_own_back said:

We have joint LPOA for a family member, who owns a house. I’m aware we can sell it, on her behalf.
The family member has gone into a care home, with no chance of returning home, on months prognosis and there is a Doles In place. Family member is self funding in care home, and has sufficient money to cover costs, Meanwhile, property is empty racking up bills. I’m wondering if we can transfer the property to us, pay family member the market value. 

Why is the house empty - what's to stop you letting it? If the family member is likely to die in a matter of months, it could get extremely messy if the house has been left to parties other than those trying to buy it. The tax position could also be very different depending on who is selling what and when as opposed to inheriting. 

Really is one for a chat with a solicitor.

xylophone

Why is the house empty - what's to stop you letting it? 

The OP would take on a Landlord's responsibilities - these can be onerous and he might simply not want to take them on.

There would be the worry of problem tenants/difficulties with getting them out etc etc.

The link in my post above does indicate the desirability of checking the donor's will if possible and of taking professional advice.

And most important of all, whatever he does must be in the best interests of the donor.

Marcon

xylophone said:

Why is the house empty - what's to stop you letting it? 

The OP would take on a Landlord's responsibilities - these can be onerous and he might simply not want to take them on.

There would be the worry of problem tenants/difficulties with getting them out etc etc.

The link in my post above does indicate the desirability of checking the donor's will if possible and of taking professional advice.

And most important of all, whatever he does must be in the best interests of the donor.

Having the house empty and racking up bills isn't in the interests of the donor - hence my question.

Linton

If the relative has only a few months life expectancy why do you have to do something now?  When the time comes it can be disposed of in accordance with the relative's will.  

The costs of a house being empty for a few months are relatively small, and possibly less than having the house valued by an RCS surveyor and transferred to you.   By the time the house is transferred and set up for renting out and then a tenant found and starts paying rent the relative could well be dead.  It could take some time before the rent exceeds the costs.  So I fail to see how the transaction could be claimed to be in the relative's best interest.

TBH I fail to see how it can be in anyone's interest.  If you want to set up as a landlord wouldnt you be better off choosing a house that is best suited for renting out.  Your relative's house may not be particularly suitable (eg location and condition) and is likely to require some renovation/redecoration.  It is not as if you would get the house cheap.

Linton

PS when you say "transfer" the house from the relative to you, i assume you mean you buy the house from them,

xylophone

PS when you say "transfer" the house from the relative to you, i assume you mean you buy the house from them,

The OP says

 I’m wondering if we can transfer the property to us, pay family member the market value. 

RetSol

If the relative has only a few months life expectancy why do you have to do something now?  When the time comes it can be disposed of in accordance with the relative's will.  
The costs of a house being empty for a few months are relatively small, and possibly less than having the house valued by an RCS surveyor and transferred to you.   By the time the house is transferred and set up for renting out and then a tenant found and starts paying rent the relative could well be dead.  It could take some time before the rent exceeds the costs.  So I fail to see how the transaction could be claimed to be in the relative's best interest.
TBH I fail to see how it can be in anyone's interest.  If you want to set up as a landlord wouldnt you be better off choosing a house that is best suited for renting out.  Your relative's house may not be particularly suitable (eg location and condition) and is likely to require some renovation/redecoration.  It is not as if you would get the house cheap.

Thank you, @Linton, for making these points and saving me the trouble. 

Linton

xylophone said:

PS when you say "transfer" the house from the relative to you, i assume you mean you buy the house from them,

The OP says

 I’m wondering if we can transfer the property to us, pay family member the market value. 

It seemed an odd way of saying “buy”. What about stamp duty?

xylophone

What about stamp duty?

What about it?

The buyer must pay it if it is due.