If the property is in your name sooner rather than later then obviously, your father is likely to pass away before you do, it will save the application for grant of probate. All that is then already dealt with.
However, if your father continues to live in the property, then it is known as a gift with reservation which is dealt with as though it is not a gift at all and inheritance tax would still be payable in the usual way at the normal rate. He would need to transfer the property to you, in total, with no right for him to live in it before it would escape inheritance tax. However if the total of your father’s estate is not going to be over £320,000 including property and all the other assets, then inheritance tax is not an issue.
If the property is being transferred into your name, then your father should reserve the right to live in the property for life to prevent you booting him out and you should take advice from his solicitor without you being present in the same room.
Provided he has full mental capacity, then your power of attorney is not relevant and he is free to do with the property as he wishes which includes transferring it into your name or not as he feels appropriate.
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