Elderly parent being asked to sell by neighbour

[VforVienetta]

Opinions welcomed on this - FIL's next door neighbours (NDN) have asked to buy his flat. They have spoken and made a verbal agreement of some sort, which is detailed below in the email received today by his DC.
He lives alone in the family home, and has considered moving a few times the last few years (at his DC suggestion) but had decided that he did not want to leave his home, due to memories and familiarity. He's in his 80s, does not have English as his first language, and may not fully understand what he's agreeing to.
How would you read the email below?

“ NDN proposed to buy my property and we discussed and broadly agreed the following:

1	We appoint our own conveyancing solicitors but not the estate agents   <span class="italic"><strong>a .Seller’s saving £ 22,500 incl vat at 2.5% agency fee  on 750K and similar amount by buyer    b. I could use solicitor recommended by Foxton or anyone recommended by you    c. Solicitor’s fees to be determined</strong></span>
2	Valuation : <span class="italic"><strong>Both Foxton and Chesterton advised asking price of £ 750K</strong></span> <strong>which I would quote as my selling price</strong>
3	After the search done by buyer’s solicitor possibly with their own valuation idea we discuss on principal for price to be agreed of the property<strong>. Please join the process from that point onwards</strong>
4	NDN confirmed that he could make transfer of the agreed value in one remittance either directly to me or to my solicitor.
5	However he needs the deed of sale signed by both of us attested by our solicitors to enable him to remit the money  required by Thai Foreign Exchange Authorities.  <strong>Any comments/ suggestions to  improve on that?</strong>
6	He could  transfer funds as early as 31 October, 2019
7	After the exchange of contract NDN would allowed me to stay on a few months”

V yes I assumed that, I'm guessing you can make a call on whether that's reasonable there. But when someone says "check this for me", it caught my eye.

I also don't understand where the buyer's £22.5k saving would come from. Surely the only way they save £22.5k is by paying £22.5k less than the market price. And in that case, there's nothing in it for your FIL - he'd break even compared with paying an agent. It definitely reads that your FIL would just be setting an asking price at £750k but he is expecting the neighbour to counter offer. I think you are right to be extremely circumspect, and to hammer home the point that he doesn't have to sell at all, and certainly not at a knock down price.

Agree with @WhatTheAbsoluteFuck !! I'd be round there telling them to leave him alone!!

I'd be extremely concerned about money laundering here.

I'd also be round there telling them that the family has power of attorney over his financial affairs which means he can't sign the documents himself, but would have to jointly sign with family member. Just make up a load of legal guff - they won't know you are inventing it.

Say the flat is not his to sell, anything.

They might back off then, and buy you some time to put proper measures in place.

Just tell his neighbours he is unable to make decisions and kids have POA they'll soon back off, as he'll be no good to them..

Thank goodness he told you.
I would be knocking on their door and firmly telling them to leave him alone.

Where is your FIL going to live after he's sold his home?

verystressedmum in the same email he asked us all to help him search for a suitable flat near his DC1.
If this was genuinely coming from him, we'd honestly be really pleased, as we think it's in his best interest to move near one of us. But, his DC have been asking this for years and he wouldn't do it, yet the NDN asks him to sell up and suddenly he's motoring ahead with plans... (and dodgy plans at that).

I really hate to think of him being pressured like this.

Re capacity, he's currently able to make decisions for himself, but his English can lead to misunderstandings, so thankfully he gererally involves his DC in financial decisions.

Only read part of the thread but

If you have a vendor and purchaser you do not need estate agents BUT you do need valuations that can be done at a relatively small cost , you can balance these against the local market prices of similar sold recently - last independent valuation I had was £1000 but very big , difficult and stand alone property so required time and effort on the valuation no where near 2.5%

He doesn't want to sell or move ,being completed by October is quite a lot of effort required on his behalf to clear possessions, etc etc if he's been unwell this is really not something he needs

The money goes through the conveyancing solicitors NOT directly into the vendors account , the conveyancing solicitor will need to change ownership with the land registry and also give the inland revenue details of exchange

Glad that family have power of attorney- nice as they may have been to your FIL they sound like they are bullying him at present and it needs nipping in the bud - I would suggest a family member visits them and explains that in this situation he cannot sell without the POA acting in his interests and for the time being it will not be happening

Reading through more I think they are trying a tacky cash sale and think by transferring money directly they are saving FIL the agents fees and possibly also the stamp duty £27.500 ( or £50.000 if second property ) they need to realise that it doesn't happen like that in the uk

Not necessarily money laundering but more tax and other costs avoidance