Can A Power Of Attorney Sell A House?
When someone close to you needs to get rid of their old home, it can be difficult for them to get through the process. Sometimes people own things, but they no longer have the mental capacity to deal with the process of selling a home. This is where the power of attorney comes in– it helps you make financial decisions for those who no longer can.
What Is Power of Attorney?
You might hear people around you use the phrase power of attorney, or sometimes the power of eternity, meaning that they have taken control of the finances of someone who can’t anymore. How do you get power of attorney in the UK, though? Your parents probably own property, and when they inevitably get to a point where they can’t take care of their own money, and need to seek more care, they may appoint you with the power of attorney. This is the meaning of POA when selling a house. Oftentimes, this is the power of attorney over property, which just means that you can manage their bank account, sell their property, or pay their bills for them.
Joint and Several Power of Attorney
Sometimes the power of attorney for property is granted to several people at the same time, and that just means that you need to collaborate with them before making any financial decisions. When you have joint and several powers of attorney, you and the other people with this power need to ensure that you all know what’s going on. If you’re asking, “Can I do power of attorney to myself?”, just know that you have to appoint someone other than yourself to act as your attorney because you already are your attorney.
How Do I Prove I Have Power of Attorney in the UK?
To prove that you have the power of attorney in a situation, you must produce a certified copy of your lasting power of attorney for your solicitor. Without this document, you won’t be able to sell the property or withdraw pensions. If you’ve lost your certified copy of a house POA, you have to go back to the person who initially granted it and ask them for another copy. What’s the cost of certified copies of power of attorney in the UK? It will typically run about £82 to £164. Pricey, but manageable!
I Have Power of Attorney; Now What?
If you do have power of attorney, you probably have more questions. Can a spouse override your power of attorney? How much power of attorney can you have? Who, if anyone, can override power of attorney? And, even more, can a power of attorney sell your house? These are all good questions with simple answers. The person you’re acting for, if they still have all their mental faculties, has to give their okay with any sale you may make. However, you don’t have to defer to a spouse– you have power of attorney, and if you have the okay for selling, the spouse can’t stop you. You can have as many powers of attorney as are granted to you, and you can use the power of attorney to sell a home in the UK.
Selling a House With Power of Attorney in the UK
Can the power of attorney sell a house? Of course, it can! Using power of attorney to sell a house is just as easy as selling a house any other way. Working through a realtor on the open market, or to a cash-for-homes company, is just as easy when you’re using power of attorney as when you’re selling your property.
Finding Your Property Power
If you’ve been granted the power of attorney, never fear! As long as you have permission from the person you’re representing, you can sell the property and withdraw pensions to your heart’s content. Property power is a great thing to have in the modern age and can help liquify your relatives’ assets before it becomes an inheritance.