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Can I buy my Paretns house

Craigie66
Craigie66 Posts: 5 Forumite
in House buying, renting & selling
My dad owns his house but is in a care home because of advanced dementia. My mum has POA for dad. My brother and i are currently going through the process of getting POA for Mum. She has recently been admitted to a care home and we now need to sell their house to pay for their care. I am seariously thinking of buying their house but i dont have any way of getting a deposit.
Is there a way of me buying my childhood home if i am an acting attorney
We are aware that we need to gain POA for dad to be able to sell the house
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Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Craigie66 wrote: »
    My dad owns his house but is in a care home because of advanced dementia. My mum has POA for dad. My brother and i are currently going through the process of getting POA for Mum. She has recently been admitted to a care home and we now need to sell their house to pay for their care. I am seariously thinking of buying their house but i dont have any way of getting a deposit.
    Is there a way of me buying my childhood home if i am an acting attorney
    We are aware that we need to gain POA for dad to be able to sell the house

    If you can't raise a deposit then you can't raise a mortgage. You can't gift yourself the deposit from the equity because you wouldn't be acting in your parents' best interests which is what you need to do as POA.
  • Craigie66
    Craigie66 Posts: 5 Forumite
    Would this change if I take my name off the POA as my brother is also a named attourney?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Craigie66 wrote: »
    Would this change if I take my name off the POA as my brother is also a named attourney?

    Why would it change? Your brother would still have to act in your parents' best interests.
  • davilown
    davilown Posts: 2,303 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Does sound a bit potentially like there might be an issue with deprivation of assets as well - make sure you get good advice
    30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    Craigie66 wrote: »
    Would this change if I take my name off the POA as my brother is also a named attourney?
    No it would NOT

    - you are seeking to deprive your parents of money they need to fund their ongoing care by trying to buy "cheap"

    - you do not have enough money of your own to even raise a deposit

    - you may well have the world's largest salary when it comes to your ability to get a mortgage in your own name, but without the ability to pay, in real hard cash, a deposit against the purchase of your parent's home, you open yourself to being sued by the council for acting in your own financial interest, not the interest of your parents who now need every penny they have in their name
  • Craigie66
    Craigie66 Posts: 5 Forumite
    This has all happened very quickly for us and it is just a bit of food for thought.
    I would never try to rip my parents off and if i thought it would really help i would do their house up and get as much i could for them.
    The reality is that their combined care bill will amount to over 2000 per week and as it is, their house is worth around 250000 they are going to be back to funded care in 2 years.
    Thanks any way .
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    Craigie66 wrote: »
    This has all happened very quickly for us

    Has anyone from the council told you about the 'deferred payment scheme'? This gives you time to sell the house - the council puts a charge on the property and is repaid when the house is sold.

    It can provide a breathing space while you get your head together.
  • Craigie66
    Craigie66 Posts: 5 Forumite
    Yes they have and is the agreement we are entering.
    Thank you
  • Mojisola
    Mojisola Posts: 35,557 Forumite
    Name Dropper First Post First Anniversary
    And the 12-week property disregard?
  • Craigie66
    Craigie66 Posts: 5 Forumite
    Yes they have thankyou
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