Whats involved in Probate Property transfer

dowspx

Hi Richard,

Having had further thought and time at looking into the AS1 form part 10..

I can now see what you mean..

In the situation where we have agreed to split everything between the 3 of us... ( Probate Money and assets and Property)...

splitting the Money is straight forward.

With the Property, we had decided to have it put in all 3 names as being split equally....

BUT I can see the problem if one of us dies...

In my Mothers case she has agreed to split it between her two sons...

If one of the Sons is still single without a family, chances are he would have no problem passing on his share between the remaining two..
or he may have a family at a later date..after the transfer has been done.

If one or both of the of the sons have a family however and dies... what happens then?..

Should he have to have agreed initially to pass on his 1/3rd to be shared between the remaining two.... (Joint Tennants)

OR does he ask it to be passed onto his family. ( Wife and Children)
(Tennants in common)

IF he wants to leave his part to his family, this would mean that in order for his family to obtain their share, either the house would have to be sold
or the remaining two would have to somehow ( if possible) find a way to pay a 1/3 of the value of the property to them. ( or maybe remorgage the property if it were possible in order to hold onto it)

Yes I can see where this can get very complex...

Is it a question that if it is agreed to keep the property between the family until the last survivor that the property be held between the family
as long as possible...


To be honest I am not sure and I can see that this will have to be thought out and agreed before hand...

There are 3 boxes in part 10...

the first two deal with the Joint Tennant and Tennants in common which I did think would be the main two options...

I am not sure what the 3rd box really means ..to just hold the property on trust (where the notes refer to ... if there are other provisions)

unless this is if it is requested to have various options within the transfer agreement....

IF however we mainly have to decide on the 1st two options...ONLY this at least would make it easier for us to make a decision one way or the other , and it would help us fill in the form ourseleves..

IF we can have other options... THEN I think we will need to let a solicitor do it for us....

Just wondered if you could confirm if my thinking is along the right lines.

thank you...






Quote:
We had agreed to initially split every thing equally ( into 3) when we make the transfer from my Fathers name into all 3 of us...

Then IF one of us dies, the other two get equal parts of the deceased part.... so therefore it will be left and split equally into the two remaining persons..

Initially we were not considering selling the property if one of us should die, there fore the property will be split between the remaining two..
You will need to go for the joint tenancy option on the AS1.

dowspx

Hi,

Can I ask what happens if in the prior message #12 referring to the AS1 form part 10 that one or all 3 of the future joint owners have a disagreement...

or if say for two of the party, its in their advantage to want to keep the property within the family rather than allowing the 3rd person who has his own family and would prefer that he has the rights to offer his 3rd to go to his family in the event that he should die....

so if he dies he would offer his 3rd to his wife or children and they could have the rights to make the other two sell the property to pay them their 3rd...

or can two of us vote against this to keep the property and request that the 3rd person passes on his 3rd to the remaining two to be split equally...

so what happens if we cannot come to a joint agreement.. and to be more specific in how it may be worded on the form or to a solicitor.....

can it become a majority decision, for eg where say two vote for say to keep it as the joint tennant option against the 3rd party who wants it to be a tennants in common option...

I dont see how this thing could be sorted if two of the owners who want to keep the property in the family at all cost to them... as there would be no advantage what so ever to them to want to allow the property be sold...

it would be a 2 to 1 decision and I just wonder would the solicitor have to advise the 3rd party that he would have to go along with the majority... or does he the 3rd party have another option....

I assume the solicitor would have to advise all options to us and that he would not be able to fill in the AS1 part 10 until we make a decision one way or the other.....

Richard_Webster

I think you need as a family to go through the various options with a solicitor.

It looks as if you have thought about it, but you have also seen that it may not be so straightforward in the future. Family arguments can come out of documentation prepared that people thought meant one thing but actually meant another!