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Advice on jointly inherited house
CaptainChao5
Posts: 6 Forumite
My late Mums house was left to three siblings equally in her will. There is no mortgage outstanding. I am considering taking on the house and giving my siblings their share of the market value. I tried asking my solicitor for some advice on how I could change the ownership and transfer the money to my siblings. They have sent me an estimate of over £1,300 to handle the 'conveyancing'. I want to ensure everything is above board, but this seems a ludicrous amount of money for a house I already own 1/3 of. I was also told this would just be my charges. My siblings would need their own solicitors to handle their side of things. In contrast, the same solicitor provided an estimate of £900 if we decided to sell the house to someone else. I'm totally baffled.
Has anyone else had a similar situation and can offer any advice please?
Has anyone else had a similar situation and can offer any advice please?
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Comments
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Who is/are the Executers of your mum's will?If you, then once you have Probate you can simply transfer the Title into your name and pay your siblings the agreed Probate value.Forms TR1, AP1, ID1
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Yeah, Me and my Sister are executors. I thought it would be as simple as changing the property into my name and giving the other two equal shares of the market value.0
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If the house is already registered with the Land Registry, I would question the need to involve solicitors at all..When I inherited a property, I did all the paperwork including a compulsory first registration myself - Saw absolutely no need to have any searches done or surveys, or any of the other things that they usually do. In all, a fairly painless process.Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.1 -
Thanks for the replies. It looks like I was right to be dubious. I'll do some more digging to find out exactly what I need to do.0
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I presume it's a cash purchase? If you needed a mortgage then the lender would need the usual amount of due diligence as they would for any other purchase. Even then it wouldn't sound like a competitive fee.Selling is always a cheaper fee as there's less responsibility involved.0
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It's slightly more complicated. I will pay my siblings cash for their share, once I sell my house (they are okay with waiting).0
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Did you inherit as joint tenants or tenants in common?No free lunch, and no free laptop
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macman said:Did you inherit as joint tenants or tenants in common?It would not make sense for the siblings to 'inherit' in the sense of transferring the property into their joint names, and then transferring again into the OP's sole name.Assuming the property is registered, The Executers simply transfer from the deceased's name into the sole name of the ultimate owner.The siblings 'inherit' cash supplied by the OP.
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Why do you think that makes a difference?macman said:Did you inherit as joint tenants or tenants in common?0 -
SDLT will need to be assessed.1
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