Distributing assets-house

Helly18

I am in the process of collecting/ distributing assets from my late mums estate.  Although my parents had been divorced for nearly 40 years the house was never sold and they remained tenants in common.  Therefore, 1/2 is my fathers with mums 1/2 split 3 way between me and 2 siblings.  My brother wants to stay there and has agreed to buy me out and I understand  that I will need a solicitor for this? other brother has said he wont claim his 3rd on the understanding that my brother renounces his 3rd of my fathers house when he passes away🤔.  As executor I cannot see I can distribute mums estate in this way,   My father does not have a will (probably will never make one!).
Any thoughts gratefully received.  X

Keep_pedalling

Your brother should not simply give up his inheritance on the basis of a promise of a a similar agreement with your father’s estate. Can you give some details on the value of the estate. Value of her share of the house and the value of her other assets? 

xylophone

I am in the process of collecting/ distributing assets from my late mums estate.  Although my parents had been divorced for nearly 40 years the house was never sold and they remained tenants in common. 

Your parents lived together in the marital home (which they owned on a tenants-in common basis) until your father moved out  (either before or after divorce).

Neither parent chose to buy the other out after the divorce.

Your mother has now died and her will leaves her equitable share of the property to you and your siblings.

However, your mother having died, your father is now the sole legal owner of the property.

See https://www.land-registry-documents.co.uk/information/joint-ownership-tennants/

As mentioned in the first paragraph, only the equitable title can be held as tenants in common. The legal title must and will always be held as joint tenants. This means that on the death of tenants in common where only one survivor remains, although the survivor does not acquire the equity share left by the deceased, he does become the sole owner of the legal estate. This means he and he alone has the right to deal with the legal title (sell, mortgage, gift etc). He holds the property on trust for himself and the beneficiaries under the deceased’s will.

I would strongly suggest that you consult your father and  a solicitor before entering into any arrangement with your siblings.

Helly18

Sorry meant to add they had a joint mortgage and did a ? Deed of separation some years after the divorce so my father still owns half as far as I am aware, IHT and probate was done by solicitors?

xylophone

my father still owns half.

He owns half the equitable interest but he is also now the sole legal owner of the property.

See link above.

Helly18

Thank you I did read it just obviously not understood it!  So I need to contact solicitor and it looks like the property can be registered with land registry (isn't currently) with my father's agreement for transfer of ownership.  Glad I asked the question!