I’d really appreciate some advice if anyone has any knowledge of this.
We have LPA for fil who is now in a care home and we need to sell his flat for care fees. We thought to speed up the process we would get a second mortgage and buy it from him at the estate agent valued rate of £230k. But when we tried to do this the solicitors said it was too complicated as a conflict of interest and would cost too much and take too long so needed to be sold normally.
We have therefore been paying £6k a month for his fees out of our second mortgage and paying the mortgage repayment costs too while the flat is waiting to be sold. But of course it isn’t selling because of the market/brexit/whatever. We have had an offer of £212,500 from a quick sale type place, which we’d like to accept and pay his fees out of as we can’t see any other offers on the horizon and the costs are really spiralling for us.
Can we accept this offer? Or do we need to hold out for a market valuation offer? What drop would be acceptable to make and still be serving his best interests?