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Advice on jointly inherited house
Comments
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If the other siblings do not currently own their own property, do not transfer in to joint names before they sell their shares to you. Doing so would mean that they would lose their FTB status and miss out on any incentives for first time buyers.
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.0 -
getmore4less said:macman said:Did you inherit as joint tenants or tenants in common?3
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You and your fellow executor transfer the property into your sole name against a formal witnessed agreement to pay your siblings £x each within three months of the sale of your existing property?0
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Thanks all. Just catching up on responses. My siblings are not first time buyers, they have their own houses. I spoke to the solicitor and they are trying to justify the cost by saying they have to handle the 'sale' of the house between me and my siblings. I'm still not convinced this is necessary.0
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CaptainChao5 said:Thanks all. Just catching up on responses. My siblings are not first time buyers, they have their own houses. I spoke to the solicitor and they are trying to justify the cost by saying they have to handle the 'sale' of the house between me and my siblings. I'm still not convinced this is necessary.If you instruct solicitors to handle the sale, they will, of course, do so according to the proper procedures. Indeed they have a duty to do so. That means getting searches done, drawing up a contract blah blah blah. Yes, that justifies teir fee. If they did not, they would not be acting professionally.However it seems unlikely you need searches done (you presumably know the property!?), and you don't need a contract (provided you and siblings trust each other!). As advised, just transfer the Title and pay the money.Of course, if there is a risk that you might transfer the Title and then refuse to pay the siblings, well, the siblings would want a contract in place, just as an unrelated buyer would. But does that apply here........?Note: as pointed out, SDLT will need dealing wth as well:
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CaptainChao5 said:It's slightly more complicated. I will pay my siblings cash for their share, once I sell my house (they are okay with waiting).
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greatcrested said:CaptainChao5 said:Thanks all. Just catching up on responses. My siblings are not first time buyers, they have their own houses. I spoke to the solicitor and they are trying to justify the cost by saying they have to handle the 'sale' of the house between me and my siblings. I'm still not convinced this is necessary.If you instruct solicitors to handle the sale, they will, of course, do so according to the proper procedures. Indeed they have a duty to do so. That means getting searches done, drawing up a contract blah blah blah. Yes, that justifies teir fee. If they did not, they would not be acting professionally.However it seems unlikely you need searches done (you presumably know the property!?), and you don't need a contract (provided you and siblings trust each other!). As advised, just transfer the Title and pay the money.Of course, if there is a risk that you might transfer the Title and then refuse to pay the siblings, well, the siblings would want a contract in place, just as an unrelated buyer would. But does that apply here........?Note: as pointed out, SDLT will need dealing wth as well:0
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Mojisola said:CaptainChao5 said:It's slightly more complicated. I will pay my siblings cash for their share, once I sell my house (they are okay with waiting).
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CaptainChao5 said:greatcrested said:CaptainChao5 said:Thanks all. Just catching up on responses. My siblings are not first time buyers, they have their own houses. I spoke to the solicitor and they are trying to justify the cost by saying they have to handle the 'sale' of the house between me and my siblings. I'm still not convinced this is necessary.If you instruct solicitors to handle the sale, they will, of course, do so according to the proper procedures. Indeed they have a duty to do so. That means getting searches done, drawing up a contract blah blah blah. Yes, that justifies teir fee. If they did not, they would not be acting professionally.However it seems unlikely you need searches done (you presumably know the property!?), and you don't need a contract (provided you and siblings trust each other!). As advised, just transfer the Title and pay the money.Of course, if there is a risk that you might transfer the Title and then refuse to pay the siblings, well, the siblings would want a contract in place, just as an unrelated buyer would. But does that apply here........?Note: as pointed out, SDLT will need dealing wth as well:
SDLT would be assessed but as there is new holiday it would only be the 3% until you sold.
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CaptainChao5 said:greatcrested said:CaptainChao5 said:Thanks all. Just catching up on responses. My siblings are not first time buyers, they have their own houses. I spoke to the solicitor and they are trying to justify the cost by saying they have to handle the 'sale' of the house between me and my siblings. I'm still not convinced this is necessary.If you instruct solicitors to handle the sale, they will, of course, do so according to the proper procedures. Indeed they have a duty to do so. That means getting searches done, drawing up a contract blah blah blah. Yes, that justifies teir fee. If they did not, they would not be acting professionally.However it seems unlikely you need searches done (you presumably know the property!?), and you don't need a contract (provided you and siblings trust each other!). As advised, just transfer the Title and pay the money.Of course, if there is a risk that you might transfer the Title and then refuse to pay the siblings, well, the siblings would want a contract in place, just as an unrelated buyer would. But does that apply here........?Note: as pointed out, SDLT will need dealing wth as well:0
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