Advice on dealing with estate

Yorkshireman99

Chez2402 wrote: »

I'm really stuck with what to do next as it's already in my name now as my brother told me I was doing the right thing?! Will I just be able to give the others their share in the form of money once I have it? And will the house legally be mine? I'm really confused?

You and youir brother should take the advice in posts #18 and #19 ASAP.as well as getting a professional, not estate agent's, valuation by a RICS member.

getmore4less

The correct document to produce is the inventory an account for the estate.

Transferring the house is not a problem you are just acting as trustee for the beneficial interests till they get paid.

SevenOfNine

Do land registry documents have current valuations for properties on them? I'm surprised if that's correct, where do they get those from?

I think OP might be marginally aware what is being proposed here regarding current, accurate valuation is somewhat 'iffy', otherwise no need for the signing of a DiY document of valuation agreement from beneficiaries.

OP, you realise such a document may not hold water sometime in the future even if the beneficiaries are prepared to sign now. You do seem to have this wrapped up as a 'done deal'.

May I ask what similar properties in your area are currently on the market for?

Chez2402

I wasn't suggesting they sign agreeing the value as this is stated on the document the land registry sent me under the part that says Title absolute. It says the value stated at 13 August 2018 was £100,000. This is the official copy of register of title I received. As this states myself as the proprietor I wanted to know how I go about giving the other beneficiaries their share i.e. what paperwork to draw up so it's official they all received their entitlement.

Mojisola

Chez2402 wrote: »

I wasn't suggesting they sign agreeing the value as this is stated on the document the land registry sent me under the part that says Title absolute. It says the value stated at 13 August 2018 was £100,000. This is the official copy of register of title I received.

They only state the figure you have given them.

What's your proof that that's the real value of the house?

Tom99

Chez2402 wrote: »

I wasn't suggesting they sign agreeing the value as this is stated on the document the land registry sent me under the part that says Title absolute. It says the value stated at 13 August 2018 was £100,000. This is the official copy of register of title I received. As this states myself as the proprietor I wanted to know how I go about giving the other beneficiaries their share i.e. what paperwork to draw up so it's official they all received their entitlement.

[FONT=Verdana, sans-serif]I think you do need to get each beneficiary to sign a document saying the are giving up their share in the house in exchange for cash from you of £33,333/£11,111 etc.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]You have not sold the house so unlike a normal estate administration you have no sale proceeds to distribute.[/FONT]

[FONT=Verdana, sans-serif]All you and the beneficiaries have is your say so that the house is worth £100k, (how was £100k arrived at?) you are buying their share so values need to be agreed, you can't just make it up as you go along.[/FONT]

[FONT=Verdana, sans-serif]At the moment you have not yet bought their share, you may be the legal owner but you are not the beneficial owner, you are holding it on trust for all five beneficial owners.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]The document therefore need to be clear that they are transferring their beneficial ownership (inheritance) in the property to you in exchange for a payment of £x[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]The fact you have told the Land Registry the value is £100k is immaterial, the Land Reg do not know the value of the house, you could equally have told them £80k/£120k.
[/FONT]
[FONT=Verdana, sans-serif]You are taking a big unnecessary risk on yourself in not having a professional valuation to support the transfer value. If next door or nearby sell for £110k/£125k anytime soon there is the potential for a great deal of bad feeling. For the sake of £500, most of which the others will pay for, you need to protect yourself from that risk.[/FONT]

getmore4less

You can deal with this as the estate sold the house and is now a cash distribution.

Tom99

[FONT=Verdana, sans-serif]The estate has not sold the house, all that has happened is that the two executors have transferred the legal interest to one of themselves for no consideration.[/FONT]
[FONT=Verdana, sans-serif]At the moment there is no cash in the estate to distribute.[/FONT]

Chez2402

Tom99 it has been brought to llght that one of the beneficiarys is a minor.. how would I go about giving her share? Would her Mum have to sign for it?

Chez2402

Also am I able to move into the property before I distribute funds as we're having to wait until my fiances house is sold before we can do so?