zs_phil

iTrader: (1)

hi all im in need of some help in the property department .
a few months ago i had the chance to buy a another 3 bed house as a little project anyways i know the old gentleman who owns it and he said he would sell it to me at a knock down price £60,000 with a value at £75,000 even if not touched and £90,000 if i spend abit on it he just wants a quick sale as he needs to move near his wife who has alzheimer's and is in a carehome ,he came to me and asked if i would purchase at that price so i agreed .
it wasnt advertised or anything so we both got in touch with our solicitors and the ball started rolling everything a o.k but today the solicitors after taking some amounts of money from us said
1/ cannot buy it as the property is being sold 15k to less and not the value
2/ also his wife has alzheimer's and is not in sound mind so cannot sign the deeds over but how does he come to sell it ever .
is there anyway around this as they should of said first of all i would have thought,i really want to help him out so he can move across the road from his wife so he can go whenever he wants as he hasnt got a car and is quite a distance from his wife
thanks all

thesyn

Has he no family to look out for him? and in the end will you not end up feeling like a complete ctnu over this deal. Sounds like the sharks.. I mean solicitors are doing you a favour. My opinion

zs_phil

iTrader: (1)

yes he has 2 daughters in there mid 30s one a nurse and the other is also in a competant job and are extremly happy for this to go through .
i probably wont sell it anyways as it will come in use when my daughters are a little bit older they will have a house when they think they are old enough to move out .
And i dont feel like a **** either he asked me not the other way around

MikeCardiff

iTrader: (2)

It sounds like his solicitors are just looking out for his interests - regardless of what you have agreed, to them it could well look like an old bloke who is being ripped off by someone.

d5hof

Get his daughters involved, I think its best if you, the gentleman and his daughters go and visit the solicitor and hold a dialogue

Brit_in_Japan

Somebody needs to have power of attorney on behalf of his wife to look after her financial interests. If he has that authority then I'm guessing the solicitor still has some duty of care to ensure that her husband is exercising that authority correctly. He can sell his half for whatever he chooses, so using your figures can he sell her half for £37500 and his half for £22,500 ? That would preserve her interests whilst still selling the whole property for the agreed value. Alternatively if £60000 is a raving bargain, you could pay what it's really worth.

David Lock

And what does your solicitor say about it all?

On the face of it you are ripping off an old man. Your mum would be ashamed of you. dl

Jay m A

iTrader: (2)

As long as the gentleman and daughters know its worth 75k then it isn't a rip off.

Assuming he wants it sold ASAP rather than wait the 8-12 weeks assuming a complete chain etc, no agent fees to pay - cash buyer (or no mgge delays) then 10k could be considered value. 15k bargain but not rip off.

You never know the market value could be 60k come the summer!

If the daughters agree then get them to contact the solicitor

zs_phil

iTrader: (1)

ive known him 28 years and he asked me because he wants to move near his wife who he misses.
im not ripping anyone/thing off except your mothers clothes

David Lock

Is that link directed at me ******** my mother?

Please confirm or otherwise.

If you've known him for 28 years I would have thought that was even more reason to pay a fair price. The cash for quick sale doesn't hold water as he or his daughters could easily talk to a bank and get some temporary cash if required.

zs_phil

iTrader: (1)

no it wasnt directed at you ******** your mother.
it was me after id ripped her clothes off joking by the way
thanks everyone for replies .
he has been back to me and there is a way around it apparently he has 2 estate agents coming to give a valuation and coming from them the market has dried up at the moment and only houses to let are selling and they expect house prices to go down slightly ,if they value the house at between 60-67000 everything should be ok but i dont know why

HowardG

The value thing is a red herring if everyone (recipients) know and are willing to sign acceptance of the sale price. Valuations may be necessary to prove that IHT has not been avoided due to an undervalued estate should it come to it - though not really your concern.

Power of atorney may be required. The vendor needs to organise this.

If the solicitors don't know this, get new solicitors.

I was involved in a similar thing recently and all was fine - took a while though.

zs_phil

iTrader: (1)

thanks howardg