Urgent advice about private sale agreement for house purchase...

Dylan_1

Hi

Just after some advice about buying a property privately.

The scenario is, a brother and sister have been left a house between them, the brother wants to buy the sister out of her share. A sum has been agreed between both after valuations from estate agents. Without getting solicitors involved they are looking for some documentation for both to sign to say the money has been transferred and the property now belongs soley to the brother. They both want to be able to sign something to make sure in the future there are no issues with who owns the property.

What they are looking for is a draft document they could adapt or just some advice about what to put in a contract themselves to make it legitimate?

Any help or advice would be greatly appreciated

Thank you!

Fire_Fox

Go and see a solicitor, do this properly don't bodge it. Otherwise see land registry http://www.landregistry.gov.uk/public/faqs/how-do-i-transfer-my-registered-landproperty

G_M

Solicitor may well not be needed.

The important thing is

a) to transfer the mutually agreed amount from him to her and
b) register the Title at the Land Registry in his name so he owns it

Is the property currently registered in their joint names? Or still in the name of the deceased? Who is the Executer?

You can check current Title for £3 with Land Registry here.

If still in the deceased's name, no need to put in joint names - the Executer can transfer Title (TR!) direct to his name.

If you phone the LR, they will explain the process, and what forms are needed, but will not give legal/financial advice.

Yorkie1

Does the brother need a mortgage to buy the sister out? If so, he will need a conveyancer to act for the lender at least.

Land_Registry

If the property is in England & Wales and registered then refer to our online guidance regarding what to do when a property owner dies

G_M already mentions how to check whether the property is already registered and the need to ensure that whoever intends to transfer the property has the necessary authority to do so e.g. probate if the deceased owner had a will.

The online guidance explains each possible scenario and the forms required.

If after reading the guidance you remain unsure then you can Contact Us by phone or email.

As Yorkie1 states if a mortgage is being secured to finance the transfer then the lender is likely to insist on the involvement of a solicitor/conveyancer

And as Fire Fox states it is often best to seek proper legal advice. Changing the land register may often be a simple matter of completing required paperwork but a deceased's estate can often involve other matters which require wider understanding on the part of all parties.

tim123456789

I think it would be foolish to avoid a solicitor for the small sum involved here.

You aren't talking EA fees, 250 quid should cover it.

tim