Property transfer - inheritance

Blue_Horizon

Hi - looking for views on our situation.

My brother, sister and I are executors for my late mother’s will. In the will we are left the assets in equal shares. The main asset is the family home.

My brother who lives in the family home, wants to buy our shares and we are happy that he does so.

A solicitor has advised that we need to prepare a Deed of Family Arrangement to transfer our shares. We will be charged £500 for this.

From what I see the deed if used to vary the arrangements in the will.

Why can’t we just transfer the property into my brothers name?

Thanks

G_M

You can.
As Executers you can distribute the assets as you se fit (within the terms of the will). No need to vary it.

Get the proprty valued - you'll need to anyway as part of Probate.
Brother pays each of the other 2 1/3rd the value.
Transfer the property into brother's name.

This assumes there are other assets availble(savings?car? Investments etc) to cover any other costs (Inheritance Tax, mortgage,debts etc)

I believe:

• form AP1
• Form AS1 (see video)
• (note Form ID1 is not required if Executor is same as Beneficiary)
• There is no SDLT to pay
• Grant of Probate
  
• Land Registry Fee (based on £625,000 ) is Scale 2 = £540 (paper application) or £270 electronic application by solicitor
  

See:



https://www.gov.uk/update-property-records-someone-dies?utm_medium=GOV.UK&utm_source=website&utm_campaign=formDJP&utm_term=20_12_16&utm_content=update-property-info-when-someone-dies