Buying a parent’s retirement flat at market value for care fees

[onepostonly]

My DF needs to go in a care home. He has limited savings. Certainly less than 23k threshold but some. His retirement home is 'worth' say 100k for example.

I would like to buy it for myself. The proceeds will of course go to the local authority to pay back any fees owed and or due in the future.

It is a retirement home which can be notoriously hard to sell. I understand I have to buy at market value and im fine with that but given the current market how can i know that im not overpaying or indeed underpaying unless perhaps he gets an offer from an unrelated buyer? Someone may think its only worth say 85 to them. I don't really want to pay 100k for it if there's no hope of achieving that on the open market.

Has anyone else been in a similar situation? Will it just come down to a R.I.C.S valuation and hope they're in line with the current downtrend in market values.

Sorry for the long post

I think your DS could refuse the inheritance

That could be an option perhaps. So difficult to know what to do for the best. None of us has a crystal ball but an ever increasing aging population I still think at the right price, be that 10 or 20k even then surely it'll be an option for some ! DS will get a chunk now, not when im dead or needing care. I can't afford to help him any other way tbh without compromising my future plans.

You are correct none of us have a crystal ball. Whether the purchase of this sort of property and the lifestyle that comes with it is a good or bad thing is a subjective opinion. What is not subjective is that there is a massive conflict of interest, you are attempting to be both seller and buyer of the property. You have to convince the Local Authority and The Court Of Protection that you have acted in your father's interest at ALL times. The only solution I can see, is that you actively market the flat for a period, certainly longer than 3 months and then if you get a proceedable offer, that is obviously not taking the piss, you may be able to buy it for £1 more.