Sibling buying us out of inherited Home

Barrytwn

Hi all,
Completely new to this but need some advice.

My parents passed away recently leaving no will. My little sister has moved into the home with her partner. They want to buy myself and our other sister out of the inherited home.
My questions is, as the nominated person granted probate, can I just register the house in her name with land registry so they effectively own the property and they take out a mortgage based on property value being 1/3 greater than they would need, to pay us (self and other sister) off? 

Do we need to go all legal or is that something that we can draft up and complete ourselves. Appreciate that there is a certain risk in doing it this way, but we all agree on it going this way and we get along.

Thanks
Barrytwn

kingstreet

Don't do it that way.

It's best if the property is purchased from the estate with the purchasing beneficiary using their share as their deposit. If you transfer it into the beneficiary's name now, many lenders won't lend until she has "owned" the property for six months.

Barrytwn

kingstreet said:

Don't do it that way.

It's best if the property is purchased from the estate with the purchasing beneficiary using their share as their deposit. If you transfer it into the beneficiary's name now, many lenders won't lend until she has "owned" the property for six months.

Hi Kingstreet,

Thanks for the advice, what is the best way to do that? Please tell me to jog on if I am now asking for free advice that I should be paying for, but to be honest the more I look online the more confused I get! 

getmore4less

They buy it like a normal purchase.

Administrator(estate) acts as vendor

Apply for mortgage for 2/3(if 3 of you) or less if they have other cash.

As well as the mortgage issue as it is more standard way to buy houses more of the people that get involved are familiar with the process.

Any other assets in the estate to juggle the numbers she gets more house you get more cash/other.

Land_Registry

See ou see our online guidance re a beneficiary buying out another. It explains the registration requirements only 
https://customerhelp.landregistry.gov.uk/guide-page-external/?stepid=2a7a55c0-8e82-eb11-a812-000d3ad48f95&kbonly=true&setanswer=
The wider issues re monies etc would benefit from legal/financial advice. And whilst you don’t have to use a conveyancer to update the register they do understand the process, forms and can verify identities where needed