Buying My Mothers Flat

[Ric.ror]

I have power of attorney (well I will in two weeks) for my mother. She owns a flat that I live in - she rents a ground floor one. I would like to buy the flat once my house is sold. Can I just arrange a deed of transfer and pay the money into her account? She is suffering from Alzheimer’s and I know that the money I pay her will have to find her care Home fees when the time comes

[Peter Pedant]

I think you might have to take advice on this ric ror
the difficult is in short you are acting for her - and yourself.

are you the only possible heir when the time comes
the others cd complain you bought it under market price

and also the council

[Peter Pedant]

o god she is diposing of an asset so there is CGT to pay

[johnk]

If the flat is sold for market value and the money appears in her account she hasn't disposed of an asset, that is for cases where people give assets away for nothing or a silly price. If you have a house why do you need to buy her flat. Is there a will? Do you have any siblings or is there anyone else on the power of attorney?

[fiction-factory]

>If you have a house why do you need to buy her flat.

I think you may have misread the post johnk- or I have- as it seems to me mum already owns a flat (and Ric lives in it and Ric also had a house he is selling)-although I'm not sure where the ground floor one fits in (maybe that's a completely separate one that she rents)

[ubasses]

Yes you can buy her flat, but it must be at Market Value. To keep things 'above board' if accounts are ever called for, I would get a written professional valuation. Might also be prudent to get a solicitor to do the transfer.
As Peter said, as your mother does not live in the property as her main residence there could be Capital Gains to pay.
I will say though in the 11 years I have been running my mothers affairs I have never received a request to produce accounts, but a transaction like this may trigger one.

[Ric.ror]

My mum rents the flat below me from a housing authority- she bought the flat I live in after living in it for 30+ years but can’t manage the stairs - that’s why she got the ground floor one

[Peter Pedant]

//the money appears in her account she hasn't disposed of an asset,//

leaving aside first residences
if you sell something of yours and get money for it which you put into an account - you are disposing of an asset and there may be a tax change.

this is kinda straightforward and not contentious