Transferring property ownership after death

downshifter98

Hi all.

Hope this is the correct forum.

My Mum died recently and her main asset was her property which she owned as tenants in common with my Dad (50% split). Her will states that her half is to be split 3 equal ways between me, my brother and equally between her 3 grandchildren. Once I have probate how do I go about making these changes? Dad is a fit and well 77 year old and intends to continue living at the property for the foreseeable future. I'm wondering how important it is to rush to make these changes.

Thanks for any information provided.

AdrianC

You're the executor? You'll need to get the change made to complete the settlement of her estate, so whilst it's not urgent-urgent, you need to do it soonish.

I can't help feeling this is going to be a right PITA in the future, though... 77yo man, living on his own - reasonably high chance of needing residential care in the future? But for the property to be sold, SIX people (assuming he's capable - it'll get even more fun if he isn't and there's no PoA in place) will need to sign the paperwork... Are the grandkids under 18? Their 10% each may need to be held in trust for them.

System

AdrianC wrote: »

YAre the grandkids under 18? Their 10% each may need to be held in trust for them.

If I am reading right then each only has 5.5% of the house

One third for the OP
One third for the brother
Remaining third split three ways for the grandchildren.

AdrianC

!!!!!! wrote: »

If I am reading right then each only has 5.5% of the house

One third for the OP
One third for the brother
Remaining third split three ways for the grandchildren.

Yes, you're right. My 'pologies, OP. They'll still need to sign anything relating to a sale, though, and if they're under 18, a trust may still be required.

What's the rough value of the house? It maybe worth investigating a variation on the will, and effectively "buying them out".

Mojisola

downshifter98 wrote: »

My Mum died recently and her main asset was her property which she owned as tenants in common with my Dad (50% split).

Her will states that her half is to be split 3 equal ways between me, my brother and equally between her 3 grandchildren.

I don't think you can have six people named as owners on the deeds.

rheme

I understand that the maximum number of people that can be named on property deeds is four.

Check your mums will - does it state that her half of the house is to be held in Trust for all the beneficiaries as your father has the right to live in the property until his death or potentially a care/nursing home if too unwell. If this is the case then the property is held by the Trustees for and on behalf of all the beneficiaries until such time as the house is free to be sold e.g. your dad has passed away or is unable to permanently live there.

G_M

If the kids are under 18 I think you're going to need help (solicitor) setting up a trust.

As for Title registration, see

http://www.landregistry.gov.uk/public/when-a-property-owner-dies

http://www.landregistry.gov.uk/public/faqs/how-do-i-register-the-people-who-have-inherited-registered-land-or-property-under-a-will-the-beneficiaries

Is there a mortgage?

jrtfan

AdrianC wrote: »

... (assuming he's capable - it'll get even more fun if he isn't and there's no PoA in place) ...

I'm sorry for your loss.

AdrianC made a very good point (above) although you'll have enough on your plate already at this stage, I should imagine.

If your dad hasn't made a power of attorney yet then it might be worth having a chat with him about doing so, once you feel up to it. My mum hadn't made one and then she developed vascular dementia which came on so haltingly that by the time she needed to go into care, she'd lost mental capacity. Had she survived then her house would have come under the care of the Courts until they liquidated it according to her particular needs, which doesn't happen overnight.

G_M

Yes.

Far better to have POA set up early, and not use it, than wait till incapacity sets in and dad cannot (legally) sign it.

Provided everyone in the family trusts everyone of course.....

downshifter98

Thanks for all the replies.

Yes, I am executor of Mum's will. Effectively the kids will have an equal share of 1/3 of my Mums half of the house; all 3 'kids' are over 18. The house is probably worth around £250,000 in total. I'm not sure of exact wording of will but can't remember any mention of a trust. As her only real asset Mum was quite keen to leave something to the Grandkids but I can see it could be a bit messy - the funeral is this week so will leave the poa talk for now but definitely worth sorting out in near future. There is no mortgage.

Thanks for help so far.

Annisele

The will doesn't have to actually use the word "trust" to create one (though usually the word is included). If your Dad has been given the right to live in the house for the rest of his life, there will be a trust in there somewhere.