Buying out my share

SuperSeagull

My mother passed her house over to me, my brother and sister in 1988 and passed away 3 years ago. My brother wants to buy out me and my sister for which we have agreed a price no problem. When he phoned a solicitor to arrange this he was told that he had to deposit the 2 shares of money with the solicitor and he then gave both my sister and me our share. I owe him a considerable amount of money for a failed business can he just give the solicitor my sisters share and my share less what I owe him.

Is this a legal requirement that he deposits all of my share and then I give him X amount back or is this because the solicitors rate is based on a % of the agreed price and he would thus earn more.

pinkshoes

I'd imagine it's a paper trail thing I.e. he needs evidence that you have been paid your full share.

Why don't you just do a bank transfer immediately and pay the debt once you have the money?

wwtrend

Absolute rubbish. You can have any contract drawn up as you wish including how you wish payments to be made. So sit down with your brother and sister and list what you all want to happen. This is your 'Heads of Terms' document. Find a property specialist solicitor preferably one is also a property investor. Someone like MS Law Manchester. Look at the property investor forums or property online magazines to see who are advertising there and putting in articles. Property tribes, property forum, your property network etc
Do not remove your names from the Land Registry until you have been fully paid but your brother once he has paid monies over to you, he can put a charge on to protect monies already paid over.
One piece of advice is that even or especially between family members treat this as a business deal. Do not be tempted to do this too informally otherwise there could be disputes which will cause breakdowns in the family. Agree when a payment is made there is a duplicate receipt issued and kept by you and your sister. That means both him, you and your sister have evidence of monies paid over if he does not intend to do it in one hit.

Land Registry have their documents for altering owners details, addresses, charges etc on their website.

You should be able to do the contract for about £500 and it should take less than a week if you are in a hurry or two if you aren't. There is no requirement to wait the normal six weeks or more that lots of solicitors normally do.

wwtrend

Sorry that absolute rubbish comment was aimed at the solicitor you spoke to not to any other advice given which is of course another way of doing things.

SuperSeagull

I am now a pensioner (75) on benefit and if the money goes into my bank account and goes straight out the benefit people may not accept that I have not got that amount of money but the actual money I will be left with is less than the permitted amount in order to keep my benefit. The alternative is to keep all of the money and stop benefit and 'knock ' my brother, which I dont want to do as he helped me out and lent me the money knowing that at some point we would sell the house and he would be repaid.

ValHaller

wwtrend wrote: »

Absolute rubbish. You can have any contract drawn up as you wish including how you wish payments to be made. So sit down with your brother and sister and list what you all want to happen. This is your 'Heads of Terms' document. Find a property specialist solicitor preferably one is also a property investor. Someone like ** *** **********. Look at the property investor forums or property online magazines to see who are advertising there and putting in articles. <Sites Redacted>
Do not remove your names from the Land Registry until you have been fully paid but your brother once he has paid monies over to you, he can put a charge on to protect monies already paid over.
One piece of advice is that even or especially between family members treat this as a business deal. Do not be tempted to do this too informally otherwise there could be disputes which will cause breakdowns in the family. Agree when a payment is made there is a duplicate receipt issued and kept by you and your sister. That means both him, you and your sister have evidence of monies paid over if he does not intend to do it in one hit.

Land Registry have their documents for altering owners details, addresses, charges etc on their website.

You should be able to do the contract for about £500 and it should take less than a week if you are in a hurry or two if you aren't. There is no requirement to wait the normal six weeks or more that lots of solicitors normally do.

This looks a bit spammy to me and I am far from convinced that it needs anything more than an ordinary solicitor to implement.

SuperSeagull wrote: »

I am now a pensioner (75) on benefit and if the money goes into my bank account and goes straight out the benefit people may not accept that I have not got that amount of money but the actual money I will be left with is less than the permitted amount in order to keep my benefit. The alternative is to keep all of the money and stop benefit and 'knock ' my brother, which I dont want to do as he helped me out and lent me the money knowing that at some point we would sell the house and he would be repaid.

You need to be involved in instructing the solicitor yourself. If you have any paperwork covering the loan from your brother, it will help (nudge nudge). But even without that, a solicitor should be able to document the deal so that you are only recognised as receiving the cash you actually receive. The solicitor will need the full explanation of course