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PURCHASING HOUSE FROM MOTHER IN LAW WHO HAS DEMENTIA AND IN CARE
Hi. I was wondering whether anyone might able to advise on any issues or things to be aware of in this scenario. I should add that we are about to consult a solicitor but just wanted a heads up on anything.
My mother in law has Lewey Bodies dementia and has been resident in a nursing home for just over a year. Because she was originally sectioned under 117 the Local Authority are part funding her care whilst she tops up the difference. She does not have capacity.
Her house has remained empty for that period whilst we decided whether to simply sell it or purchase it ourselves. We are very lucky in that my mother in law has sufficient savings as such that she could totally self fund for a number of years and according there is no need to sell the property. We have now decided that we can afford to buy her house and of course what we pay her can also go towards maintaining her care.
Currently my wife has fully registered lasting Power of Attorney for both Finance and Health. We are totally mindful that because she lacks mental capacity her best interests must be maintained by the involvement of the Office of the Public Guardian. We also appreciate that there is an obvious conflict of interest since my wife has POA but is also the one wishing to purchase the house.
My basic understanding is that initially we would obviously need to get 3 valuations so it can be established what the correct market value is?
Once we've gone through that stage is anyone able to advise of what the process involves and how long it might take?
My other query is that her house is ready to move straight into and we are looking to sell our current property as soon as possible. Accordingly, if we wanted to move now but the court process was still ongoing would that be viewed as OK as long as in the interim we were paying her the correct market rental rate?
Many thanks for your help and any observations
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