Transferring half of property

steveky

My brother and I both inherited our mothers house, I am the executor of her will, have probate and wish to sell my 50% to my brother the other beneficiary. We have got a Solicitor onboard to do the transfer but my question is are we legally obliged to make the payment through the Solicitor or can my brother pay me direct through a building society cheque with a full and proper audit trail?
Thanks

xylophone

The solicitor will want his fees/expenses incurred on your behalf etc. It might be easiest for your brother to channel the cash through the solicitor who will deduct fees etc and arrange for the net proceeds to be transferred to your bank?

steveky

My only concern is that the solicitor will hang on to the money once its paid to her for 3/4 weeks until the land registry paperwork comes through, regarding her fees I'll happily pay them when requested

anselld

steveky wrote: »

My only concern is that the solicitor will hang on to the money once its paid to her for 3/4 weeks until the land registry paperwork comes through, regarding her fees I'll happily pay them when requested

They won't do that. Funds should be released on completion as with any normal sale.

BobQ

You can do the transfer of ownership yourself using Land Registry forms and a building society cheque but if you are using a solicitor to do the transfer of ownership you might as well let the solicitor transfer the money.

BobQ

OP, As executor you are obliged to carry out your mother's wishes. Selling the house with the money passing via the solicitor ensures that this happens correctly. If you totally trust your brother to pay the money to you it will make no difference but the solicitor will make sure that the money is paid as per her wishes

Ames

I'm in the same position - I'm estate administrator and my sister has offered to buy me out.

I engaged a solicitor ages ago to deal with estate stuff, and she says that sister needs her own solicitor to deal with it as a mortgage is involved and the mortgage company will insist on it.

If your brother's paying cash then it might be different.

Remember that as executor the buck stops with you. If anything goes wrong then the comeback is on you, and you alone. So if, for instance, you make a mistake with paperwork and a creditor doesn't get paid, they'll come after you for the full amount, not half.

I should say though that my situation is extremely acrimonious, so things might be simpler if you and your brother are actually speaking to each other!

Ames

xylophone wrote: »

The solicitor will want his fees/expenses incurred on your behalf etc. It might be easiest for your brother to channel the cash through the solicitor who will deduct fees etc and arrange for the net proceeds to be transferred to your bank?

That's how my solicitor says it has to be done.

Sister gets mortgage.
Sister gives full amount to solicitor.
Solilcitor pays off mortgage on mum's house and all other estate debts.
Solicitor gives me the agreed sum.
Solicitor gives what's left to sister.

As I said though, this could be because my sister has done everything possible by dodgy methods - from stealing the car that belonged to the estate to trying to commit insurance fraud.

Even family members go a bit crazy when inheritance and money is involved.