House Purchase Power Attorney

[SusanBAnthony999]

We are looking to buy a house which is being sold by the owner’s relatives to fund care home fees. They have a power of attorney etc so everything is above board. We know the people and are aware that the owner is very frail and might die in the next few months.
Can anyone advise what would happen to the sale if the owner died before the sale was completed. Would the relatives with the P o A be able to continue with the sale or would they have to wait for grant of probate etc? What would happen if we had exchanged but not completed by the time the owner passed away? We do not want to invest a lot of time wnd money into this if there is a liklihood that the sale will drag on indefinitely.

POA ends on death.
Does the person in question have a will?

The owner has a will and will almost certainly have left the house to the relatives with the P o A.

But with grants of probate taking up to 12 months at the moment we would not want to hang around for a year before we were able to go ahead with the purchase. Nor would we want to spend money on surveys, solicitors etc if we were then going to be left in limbo.

So I guess my question is what happens if the owner dies between exchange and completion?

The estate will still be liable to complete the transaction but you will have to wait for probate. But the estate will also be liable for any costs in not completing the contract on the date specified. If you are worried you can always opt for same day exchange and completion.

Unfortunately you can be left in the lurch with survey and solicitor fees in any house transaction because people can pull out at any time up until exchange.