Buying out co inheritors

hamski

I am considering buying the house my late mother left to myself and two brothers, can anyone explain the process to transfer the house into my name once a price has been agreed.
Thanks

John_Pierpoint

Who legally owns the house at the moment ?

Is it registered an in what name ?

What is it worth (there might be tax involved)?

A Land Registry Representative posts on here and can answer questions involving the forms needed.

pattycake

My brother bought my share of our late father's house from me. We were joint executors and only beneficiaries of the will. We obtained probate ourselves.

My brother had another property to sell before he was in a position to buy my share. I was happy to wait for that transaction to go through. A solicitor was instructed by my brother who prepared the necessary documents. We had already agreed a price following a valuation done for probate purposes. Contracts were signed and I got my money. Because I had been patient waiting for payment, my brother paid the legal fees. We were both happy with the outcome.

hamski

Thanks for the replies
The house was put on the market for £189950 which is what it was valued at by three estate agents, this value was used for probate purposes, probate has been granted.It was then lowered to £179950 as there was no interest and was obviously overvalued by the estate agents,there is still no interest and we are considering lowering the price to £169950 ,which is when I thought about buying it myself.
The house was owned outright by my parents, there name is still on the deeds but is owned by myself and two brothers as the will states.
Thanks

jackyann

Make sure you agree on a valuation. Most estate agents happily do a free "valuation for probate" in the hope that they will be instructed for the sale.
However in my experience, they may value more in hope than expectation. You can pay for an independent valuation. However if all of you are in broad agreement, you can get 3 valuations, compare to zoopla and agree a price. But do keep proper records of your agreement, even if it is just saving e-mails.

getmore4less

If the estate had IHT look at getting that back.

Agree a price transfer the funds and transfer the place into your name simple job for the executor.

hamski

Thanks Jackyann , do you know if this could be done without a solicitor.

Annisele

Will there be a mortgage involved?

If so, you'll need a solicitor. If not, you can do it without - but you'll need to read up on how to do your own conveyancing.

nom_de_plume

The executor can effect the transfer of ownership with some fairly straight forward form filling. You will need to establish if the title is registered with land registry. If not, well it's just another form. A guide and links to the various forms can be found here.

One advantage of you buying it is the saving on estate agent fees, etc. This will effectively increase your brothers' shares of the estate.

jackyann

hamski wrote: »

Thanks Jackyann , do you know if this could be done without a solicitor.

Yes, it can - see other reply.
But you may just want to get everything drawn up, sorted out, and then get a solicitor to look it over.
It depends on your family.

Land_Registry

hamski - you refer to your late parents as being on the 'deeds' but do you mean that it is registered or simply that you have the deeds and the last deed refers to them as the buyers?

If the proeprty is registered then the link provided by nom de plume will help you.

Essentially it seems that you would need an official copy of the probate for your mother and official copy of the death certificate for your father along with the application form (AP1), Transfer (TR1) if the executors are transferring to someone, ID forms as appropriate and a registration fee. But do read the online material to make sure.

If you have any difficulty in completing the forms then refer to the completion notes which are also available online. If quesitons still remain then Contact Us