Executors powers to transfer share of property

mikegahan

Dear Friends

Would appreciate any advice from legal eagles. My sister and I are joint executors of our mums estate and my sister has been left half of my mums house house(I already owned the other half) I wish to buy out her half. Is it possible for us in our capacity as executors to direct that the half(which is still in my mums name at the Land Registry) be transfered into my name and I then could pay my sister the purchase price. Or do we have to transfer the half into my sisters name and then do a separate transaction to put it into my name? What are the stamp duty implications of a sale of part?. I heard a figure somewhere that stamp duty starts at around £130k. Grateful for any advice

Mojisola

If there are other assets you could do a Deed of Variation to the will so that the half of the house is left to you and other assets to the appropriate value are left to your sister in exchange.

SailorSam

You should go into the Land Registry website or phone them, thet're very helpful.
I'm just tranferring my Mums house after her death. We are putting this in joint names my sister and i.
I have form AS1 in front of me and Q4 asks, name of deceased . Q5 the names of the deceased representatives, and Q6 asks the names that are to go on the register, then Q12 is where we need to execute (sign) as representatives.
So the way that reads to me as long as you both sign as your Mums representatives, you are both agreeing that the house is to go into your sisters name.
Not sure about the stamp duty, we valued this at £220k and had to pay £90 but i don't think that was anything to do with stamp duty, just for changing the register.

Sorry i meant to say you sre both agreeing the house is to go in your name.

Mr_Zenith

Hi,

if the house is solely registered in your mum's name, as the executors of the will, I believe you can assent it to your yourself (on the for 'AS1' that SailorSam has said about). If the house is in both names though, you cannot assent the share (I won't go into the legalities of it, its too boring, you just can't!!).

You can however to a transfer of equity into solely your name, either a 'transfer of a share' or a 'transfer not for value', both are on Land Registry form TR1.

As SailorSam says above, you are best to give LR a bell or go onto their website, they have some very helpful 'public guides' and 'practice guides' that may help.

mikegahan

Dear Friends

Thank you for all your useful advice, much appreciated