Transferring property to beneficiaries

xSlinky

Hi,

Over Xmas my Gran passed away, leaving her house to me, my uncle and my mum as equal beneficiaries.

• I want to buy the other two out and keep the house myself
• We've not yet changed the deeds on the land registry
• I can do this in cash, and the three of us have agreed a fair valuation
• My mum and uncle are joint executors

We're unsure on the next steps to take. As I have the cash, I'm wondering if this means we can somehow avoid using conveyancers and just apply for a transfer through the land registry.

Do we need to undertake another process before we transfer through the land registry? After all, the will states that the estate should be split between the three of us, not just go directly to me, so do we need to document this separately for this to be accepted?

I'm just not sure of the next step I need to take.

theartfullodger

Who was named as executor??

Has probate been granted?

xSlinky

theartfullodger wrote: »

Who was named as executor??

My mum and uncle are joint executors, but the estate is split equally three ways between us.

theartfullodger wrote: »

Has probate been granted?

No, we were advised that probate was only needed for high value estates, so we haven't gone down that route.
Unsure if this was correct advice though!

G_M

No, we were advised that probate was only needed for high value estates, so we haven't gone down that route.
Unsure if this was correct advice though!

Bad advice. If there is a property, Probate is required. See

https://www.gov.uk/wills-probate-inheritance/overview



How much is the property worth?

If gran's estate (property, savings, investments, possessions etc) are worth £325,000 or more you need to pay Inheritance Tax

As for the trasferring the property, the Executers of the will can transfer the Title into the name of the ultimate owner (you).

They'd need to show evidence of the will and their role as Executers, and the other Beneficiaries' agreement to the transfer in exchange for the price you are paying them.

TR1 and ID1 forms from the Land Regsitry, and possibly Stamp Duty Land Tax if the amount you pay is over the threshold for that tax.

See also:

https://www.gov.uk/stamp-duty-land-tax-the-basics

Death of registered owner

xylophone

If gran's estate (property, savings, investments, possessions etc) are worth £325,000 or more you need to pay Inheritance Tax

If she was a widow, consider whether any of her late husband's allowance is available.

https://www.gov.uk/inheritance-tax/leaving-assets-spouse-civil-partner

MisterB1959

it might make it all a bit messy and complicated to do it yourselves at the same time as dealing with the estate. it might be worth engaging a solicitor to assist.

xSlinky

Thanks for the helpful comments.

To clarify, the estate is worth less than £100k and there was no late husband.

Just looking into probate now.

Cheers all.