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Kasare
Kasare, Solicitor
Category: Family Law
Satisfied Customers: 204
Experience:  Solicitor, 10 yrs plus experience in civil litigation, employment and family law
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My brother is power of attorney mother , can he invest

Customer Question

My brother is power of attorney for my mother , can he invest some of her money into buying another house to rent out to bring more income in for her ? The house will be in her name only but rented out
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Who will be living in the property?
Clare
Customer: replied 2 years ago.
We could rent it to the public or could our son rent it ? But go through proper channels as get it valued to rent and rent through a proper letting agent , so everything is above board and no seeing to favouring anyone
Expert:  Clare replied 2 years ago.
Hi
What percentage of her capital would be used?
Clare
Customer: replied 2 years ago.
On part of my mother estate she owns 5 acres of land which has outline planning to build houses but the whole estate in total is worth £2.4million, we require £450k of the vlaue of the building land which is valued at 1.8 million , to reinvest in a property in her name only and to rent to one of the family
Expert:  Clare replied 2 years ago.
H
is that land being sold?
Are there just the two of you as siblings
Clare
Customer: replied 2 years ago.
There are 4 siblings and the land is in the process of being sold
Expert:  Clare replied 2 years ago.
Hi
Given the amounts involved would it be fair to say that there is no desperate requirement to maximise her income?
Clare
Customer: replied 2 years ago.
The building land we know is going to be devided between the four siblings on the death of our mother, would it be not possible to buy a house and rent out above board before she dies ? Then could we have our share of the land through the house afterwards ?
Expert:  Clare replied 2 years ago.
Hi
The crucial question that ha sto be asked is this
how would this benefit your mother?
Clare