House buying... joint siblings

molly22

I'm buying a house...I hope... with part of the funding being from my sister.  She will move in eventually once I've sorted the accommodation for her needs. 
Is it OK to have the house in my name only?

propertyrental

Are you sure this is wise? Your sister is in her 80s and seemingly has dementia or early onset. I don't know your age or state of health, or whether you have work or other commitments, but you may be taking on a huge responsibility.

molly22

propertyrental said:

Are you sure this is wise? Your sister is in her 80s and seemingly has dementia or early onset. I don't know your age or state of health, or whether you have work or other commitments, but you may be taking on a huge responsibility.

??? Is this a guess?

fourmarks

molly22 said:

propertyrental said:

Are you sure this is wise? Your sister is in her 80s and seemingly has dementia or early onset. I don't know your age or state of health, or whether you have work or other commitments, but you may be taking on a huge responsibility.

??? Is this a guess?

I don't think so, it's what you said in your last but one thread.

SDLT_Geek

More than a lucky guess I think: https://forums.moneysavingexpert.com/discussion/6392460/owning-a-property-with-my-sibling-and-want-to-sell-can-i/p1

Annisele

Where is the rest of the funding coming from? If it's from a mortgage, I think you'll find it very difficult to persuade a lender to have you as the sole borrower on a house that's being purchased partly from your sister's money (especially as it's a house in which your sister intends to live). If your sister was giving you a genuine gift, and had the capacity to make that gift, most lenders would be OK with it. But it doesn't sound as though this is a gift at all; it sounds as though your sister is handing over money in exchange for the right to live in the property.

But if this is the same sister as your other thread, and if you're planning on using your PoA to make the gift - then no. It's not in your sister's interests to give a large amount of money to you, so you can't use the PoA for that purpose.

Lola_balola

This is a really difficult situation for you. Clearly you’re trying to come up with a solution that works for both you and your sister but as POA you should be acting in your sister’s best interests, it seems there might be an underlying conflict of interests. Are there other POAs who could  sense check your plans? 

propertyrental

molly22 said:

propertyrental said:

Are you sure this is wise? Your sister is in her 80s and seemingly has dementia or early onset. I don't know your age or state of health, or whether you have work or other commitments, but you may be taking on a huge responsibility.

??? Is this a guess?

Totally!

Close?

molly22

So i can purchase our house..... and I assume if i can't be the sole owner then 'Tenants in Common' is the way to go??

propertyrental

molly22 said:

So i can purchase our house..... and I assume if i can't be the sole owner then 'Tenants in Common' is the way to go??

You really need to provide more info:

IS this the same sister - with dementia?
Are you making this decision to use sister's money using POA?
Is the money from sister to buy the property a gift? A loan?
Where is the rest of the funding coming from?
Will you also be living in the property?
Have you spoke to a mortgage broker?
What is your sister's longer term prognosis medically?

bobster2

molly22 said:

I'm buying a house...I hope... with part of the funding being from my sister.  She will move in eventually once I've sorted the accommodation for her needs. 
Is it OK to have the house in my name only?

In your previous thread you indicated that you already jointly own a house with your sister - who no longer lives there but is in rented accommodation. And that she has lost or is losing capacity, and you have PoA for your sister.

So is it that you want to sell this house? And buy another house that you will also own jointly with your sister? Or perhaps you've already sold it and have all the proceeds sitting as cash (in another thread you talked about wanting to buy a house for cash)?

If the question is - can you, using your PoA, use the equity from the sale of the house that she currently jointly owns with you - to purchase a new house but not register her as a joint owner - then the question is essentially can you use the PoA to give yourself a huge gift. Of course not!!!

Moreover, even if your sister does currently have capacity - but will need council funded care in future - she cannot simply give you her share of the property without it being considered "deprivation of assets".