Gaining Deeds after a death

nad1611

My husband is an Executor and he and I are named as beneficiaries along with one other person. There is a property involved.
How do the Deeds of the property get transferred to us, with I presume our three names on the Deeds?

Also there's a chance the third person may want to purchase the property but we're not sure they will have the means to do this and we may wait around to see and miss selling opportunities. I am presuming we're under no obligation to sell our share in this way? Especially if the Will states that the proceeds from the Estate after conversion will be divided equally?
Any thoughts much appreciated.

sophieschoice

Probate needs to be granted before the Deeds will be released to you.
Under the current economic climate I'd be inclined to rent the house out as house prices aren't increasing and mortgages aren't easy to obtain.
This will give the third person time to decide if he/she wants to buy it.
My advice is don't rush and try to agree between yourselves otherwise the only profit will be going to lawyers.

CRANKY40

The deeds will not have your names on them unless you have instructed a solicitor to undertake the change on your behalf. When ownership of a property changes hands there is a land registry form that has to be completed.

mountainofdebt

When deciding a price for selling the house to the third person, it may also be worth considering estate agents & solicitors fees that would come out of the proceeds if you sold it independantly.

System

nad1611 wrote: »

Especially if the Will states that the proceeds from the Estate after conversion will be divided equally?
Any thoughts much appreciated.

If the will states as you say then the property needs to be sold to meet the conditions of the will.

You do not own a share of this house until the will has been finalised and if the 3rd person wants their full share from the will then your husband, as executor, must sell the house to enable the will to be fulfilled.

nad1611

"If the will states as you say then the property needs to be sold to meet the conditions of the will".

Thanks all seems like sensible advice and much as we thought.Cheers everyone.

patacake58

nad1611 wrote: »

My husband is an Executor and he and I are named as beneficiaries along with one other person. There is a property involved.
How do the Deeds of the property get transferred to us, with I presume our three names on the Deeds?

Also there's a chance the third person may want to purchase the property but we're not sure they will have the means to do this and we may wait around to see and miss selling opportunities. I am presuming we're under no obligation to sell our share in this way? Especially if the Will states that the proceeds from the Estate after conversion will be divided equally?
Any thoughts much appreciated.

If any of the beneficiaries want their money then your husband as executor has to sell the house.
He could be sued if not.
I know this because i am currently in the same position as you.
Best wishes, Pat x

getmore4less

AIUI.

On death the ownership automaticlaly asents to the executors as trustees of the estate.

The executors then have to execute their duties, collect the assets and distribute.

They need probate( a court order allowing them to do their duties) to be able to do anythig with the house

The house could be sold as part of the estate or assented to the benifitiaries.

if you want to assent the house to the 3 of you then the executor(s) need to send a form to the land registry.

The key wil be the probate valuation and how close this is to the expected sale value and what each of you will accept.

Be thankfull there is no charity involved.

I am not sure what you mean by mis selling (and we) you don't own anything yet it is the estate trustees(your husband).

getmore4less

patwinning wrote: »

If any of the beneficiaries want their money then your husband as executor has to sell the house.
He could be sued if not.
I know this because i am currently in the same position as you.
Best wishes, Pat x

This does not exclude a benifitiary taking ownership

The executors need to be able to show that the best price was obtained or a price that all benifitiaries were happy with.

Just Selling does not stop you getting sued.

Savvy_Sue

I've been advised that there's no rush to changed the name at the Land Registry (although in our case the house is half Mum's and she's still in it!)

Both names remain registered, so Mum can't sell on her own. As Dad is dead, the executors will have to sign anything relating to sale, and presumably at that stage we'll also have to produce death certificates and grant of probate ...

nad1611

getmore4less wrote: »

This does not exclude a benifitiary taking ownership

The executors need to be able to show that the best price was obtained or a price that all benifitiaries were happy with.

Just Selling does not stop you getting sued.

However, the Will also states that in the gathering in and converting the executor may delay the sale of property without being liable for loss.

Would that change the idea od being sued in this event?