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Transfering ownership in family.
Heisenberg01
Posts: 112 Forumite
The house in question was Tennant's in common for my mum and dad, my dad passed and left his half to me.( I haven't changed name on land registry or anything yet).me and mother want to sell it, my sister wants to buy it and let it. Sister will be looking after mother's share of house (£45k) investing for her I will be getting £45k for my half.
House is currently unoccupied, my mother in rented accommodation myself living with partner (no Mortgage)
Is it just a straightforward case of all going down land registry office and signing stuff, or are there any legal issues I'm not aware of??
Many thanks.
House is currently unoccupied, my mother in rented accommodation myself living with partner (no Mortgage)
Is it just a straightforward case of all going down land registry office and signing stuff, or are there any legal issues I'm not aware of??
Many thanks.
0
Comments
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Myself and sister have POA and probate has been done.0
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Your parents owned the property as tenants -in-common.
Your father recently died, leaving you his share of the property.
You say that your mother is in rented accommodation.
Was the property ever your parents' home?
Are you and your sister the executors of your father's will?0 -
Ye, mother and father did live their.
Yes, me and sister executors of the will.0 -
Any mortgage on the property?
Also unclear if mum wants to retain 50% ownership as
However, the Executers can transfer the property into he joint names of (if I got this right) mum an sister quite easily..me and mother want to sell it,
........Sister will be looking after mother's share of house (£45k) investing for her
Sister pays you whatever.
I assume Inheritance tax is inapplicable or dealt with.
No Capital Gains Tax to pay.
https://www.gov.uk/update-property-records-someone-dies0 -
I think the idea is that the house will be sold to the sister (for £90,000) - the OP will take £45,000 and the sister will invest her mother's share as PoA for the mother?
It is not clear whether the sister will need to borrow to finance the purchase.0 -
mmm.... harsh on sister. Does she not inherit at all?0
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I think the idea is that the house will be sold to the sister (for £90,000) - the OP will take £45,000 and the sister will invest her mother's share as PoA for the mother?
It is not clear whether the sister will need to borrow to finance the purchase.
As above
No mortgage.
Sister got ££ left in will.
No borrowing needed.
THanks0 -
House will be in sisters name 100% when finalised.0
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Why is the mother in rental when she has a house with no mortgage?"Everything comes to him who hustles while he waits" Thomas Edison
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:0 -
Why is the mother in rental when she has a house with no mortgage?
Perhaps had personal reasons for not wishing to stay in the family home after her husband's death?0
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