Buying out sibling from an inherited house

cadburysmilkchoc

Hello
Would really like people's advice on the following please?

A Mother passed away leaving a will that said her two daughters would inherit the estate & also named her brother (uncle of the daughters) as the executor of the will.
Sadly the uncle passed away before the mom did so both sisters have applied for grant of probate naming them both as legal representation as the uncle couldn't do the duty.
1 of the sisters wants to buy the other sister out of the property - what are all the next steps to complete this legally & correctly?

Thanks in advance for any help

G_M

The estate needs to be wound up in the usual way:
* Valuation of the total etstate including the property
* Inheritance Tax paid if appropriate
* Probate Granted

The sisters (Beneficiaries) then need to decide if the Probate value of the property (ie value at date of death) is the one they will use, or whether the property value may have changed. This will obviously depend how long the process has taken.

Sister who wants the property then pays the other sister 50% of the agreed property value (using a mortgage if that's what she needs/decides to do).

They then transfer the property from mother's name to the appropriate sister's name, using the Grant of Probate.

DigForVictory

I'm a firm believer in warning the other sibling & any spouses of the plans & discussing them politely.
Saves a load of earache & legal armwrestling later, particularly since if that's what one wants to do, the other one can stop them (expensively) for a bit, but it ends up going to court.

Then if selling sister wants, she applies for effective executor role (with sis in abeyance but ready to step in - forgive me for not remembering the exact term?!).
Three estate agent selling quotes & the middle value is the usually reasonable price. There may need to be a time lag to let other folk thinking they deserve a bite of the estate to emerge, but if both sisters agree, and the prices are fairly garnered (always odd numbers, always the average) there should be no fuss.

Just don't try to do a mates rates move - stick to the estate agent figures or it sets up bad blood for generations.

cadburysmilkchoc

Thank you for your replies

Can the buying sister definitely not transfer anything into their name without the selling sisters signature, permission, copy of probate, etc?

marksoton

cadburysmilkchoc wrote: »

Thank you for your replies

Can the buying sister definitely not transfer anything into their name without the selling sisters signature, permission, copy of probate, etc?

Um, no.

And why ever would that be desirable unless said sister was up to something?

G_M

cadburysmilkchoc wrote: »

Can the buying sister definitely not transfer anything into their name without the selling sisters signature, permission, copy of probate, etc?

Since

both sisters have applied for grant of probate naming them both as legal representation

both sisters will have to affect the transfer.

(the sisters will be joint 'administrators')

cadburysmilkchoc

marksoton wrote: »

Um, no.

And why ever would that be desirable unless said sister was up to something?

That's what the concern is due to certain comments being made recently :-( so just wanted to make sure both parties had to sign some kind of contract or document (not sure what this would be - any advice would be greatly appreciated) before any legal change of ownership could take place, thanks again

G_M

The Land Registry would not transfer ownership without the right authority.

Normally, the registered owner's signiture - but she is deceased.

So they'd need to see the Grant of Probate. As that will show two names, both those signitures would be needed.

If you have concerns that a fraudulant attempt may be made to transfer ownership, you can register for an 'alert'. Anyone can register for an alert on any property. It means that if the LR receive a request to amend or transfer the Registered Title of the property, a notification is sent to the person who requested the alert.

https://propertyalert.landregistry.gov.uk/