HOME REPORTS
On 1st December 2008 Home Reports were introduced which change the whole method of buying and selling in Scotland. All properties for sale now have to be marketed with a Home Report which comprises a pack of three documents: a single Survey, an Energy Report and a Property Questionnaire. The Home Report is available on request to prospective buyers of the property.
In theory prospective purchasers should have at their disposal more detailed information about the condition and value of the property before offers are made. The practice of multiple surveys and the setting of artificially low prices could be a thing of the past. Only time will tell as to whether the Home Report will be a success.
DON’T DELAY – GRANT A POWER OF ATTORNEY TODAY
Powers of Attorney enable relatives, friends or professional advisers to administer your affairs. The Power of Attorney is a legal document which gives another person the power to take decisions with regard to your financial affairs and/or your health and personal welfare.
Even while you are fully able to deal with your own financial and personal affairs, situations can arise where you are not physically able to. A general Power of Attorney can be used if you intend going abroad or you are unable to deal with your affairs for some other reason and you wish someone else to have the authority to act on your behalf. You can either give general Powers to your Attorney or give limited powers for specific matters.
A Continuing Power of Attorney allows you to appoint a person to look after your property and financial affairs should you become incapable of doing so yourself at some point in the future. It remains valid should you become mentally incapable of dealing with your own affairs and it must be registered with the Office of the Public Guardian for it to become effective.
A Welfare Power of Attorney allows you to appoint persons to make decisions about your health and welfare in the event of you becoming mentally incapable of taking decisions yourself. Again it requires to be registered with the Office of the Public Guardian. We recommend that a Welfare Power of Attorney is combined with a Continuing Power of Attorney.
Unfortunately, many people do not appreciate the need for a Continuing and Welfare Power of Attorney before it is too late. You must be able to understand the nature of the document and the implications of signing it. Accordingly, it is never too early to have Powers of Attorney prepared.
By having a Power of Attorney prepared now, you can ensure that your property, your assets and your bank accounts are managed by someone you can trust. You should choose a person who knows you and knows what you want and can therefore act in your best interests and make the right decisions for you.
Not having a Power of Attorney in place can be costly. If, for example, you suffer a serious medical condition such as a stroke or heart attack or you deteriorate mentally so that you lose the capability of making decisions for yourself, a financial or welfare Guardian may require to be appointed by the Sheriff Court to manage your affairs. This is an extremely expensive procedure and is also cumbersome. Powers of Attorney cost a fraction of these costs to put in place and once registered they can be used at any time.
We are able to provide expert advice in relation to all types of Powers of Attorney and we are happy to provide an estimate of the cost of preparing and registering the deeds. For further information contact Angela McLennan at Hill & Robb on 01786-450985.