Buying out siblings of inherited property - how's it done?

Chip73

So confused due to conflicting advice from solicitors and financial advisor! My mother left her home to the three of us in equal shares. One of my brothers is executor and has grant of probate. I wish to buy my brothers out and we have agreed I will pay two-thirds of the market value of the house. So, in legal terms, how do I proceed? I have spoken to conveyancers who tell me it is a straightforward, regular house purchase and they have quoted fees for such. A financial advisor has said it is simply a matter of a transfer of equity for which I need a solicitor but the fee will be considerably lower than the regular house purchase fee quoted. So what does the executor's solicitor do and what does mine do? And where does the other brother (the third sibling) stand in legal terms? Does my payment got to the estate and get distributed according to the terms of the will? And if so, will he also need a solicitor as I have been told? If so, what for exactly?
Also, presumably the property needs to be assented to our three names first? (Originally we were going to put the house on the market and were told that an assent would not be necessary in that case.)
I would have thought this kind of transaction was very common and would be straightforward but I'm getting different stories from different solicitors. Is it just that some are trying to sell a more expensive but unnecessary service? 
Many thanks in advance.

Keep_pedalling

Did the estate have any other significant assets to be share equally? If so your share of those assets can be offset against the house. If for instance the other assets were worth twice the value of the house you could take the house as your share and your siblings split the other assets. 

xylophone

The executor engages a conveyancing solicitor and arranges to transfer the property to you in consideration of a payment of 2/3 probate value of the property?

The solicitor then pays your siblings half the consideration each?

p00hsticks

Chip73 said:

Also, presumably the property needs to be assented to our three names first? (Originally we were going to put the house on the market and were told that an assent would not be necessary in that case.)

A I understabd it there is no need to transfer it into your names first - you should be able to purchase the property directly from the estate. You haven't mentioned how you are going to fund the purchase - will you need a mortgage ? 

RAS

Are you in England and Wales? if not, you need to specify as legal rules are different.

Chip73

Keep_pedalling said:

Did the estate have any other significant assets to be share equally? If so your share of those assets can be offset against the house. If for instance the other assets were worth twice the value of the house you could take the house as your share and your siblings split the other assets. 

There was a relatively small amount of cash which has already been distributed.

Chip73

xylophone said:

The executor engages a conveyancing solicitor and arranges to transfer the property to you in consideration of a payment of 2/3 probate value of the property?

The solicitor then pays your siblings half the consideration each?

Thanks - but what does my solicitor do? I have been advised to "seek independent legal advice on the title to the property and the transaction generally" but don't understand what this means!

Chip73

RAS said:

Are you in England and Wales? if not, you need to specify as legal rules are different.

I am in England, RAS.

getmore4less

The easiest way to think of this is a purchase of the estate as if you were a regular buyer.

That how houses get sold from estates all the time.

Only difference is you have a significant deposit from your share  of the  inheritance.

SouthCoastBoy

I'm no expert but would imagine you need to buy it from the estate for the full purchase price, for iht, stamp duty purposes etc. The estate is then distributed equally between the 3 of you so you will get a 1/3 back. As I say not advice just the way I would expect it to happen.

Keep_pedalling

SouthCoastBoy said:

I'm no expert but would imagine you need to buy it from the estate for the full purchase price, for iht, stamp duty purposes etc. The estate is then distributed equally between the 3 of you so you will get a 1/3 back. As I say not advice just the way I would expect it to happen.

No, any stamp duty due will be limited to the 2/3 the OP is buying and this does not effect IHT in any way. The money the OP pays to the estate is then distributed to the other beneficiaries.