Buying share of house from other beneficiaries

Cedar203

My Father in law has left his estate to be shared with my Husband and three other beneficiaries.
We would like to buy the share of the house from two of the the beneficiaries. 

We are not sure if we need a solicitor to buy their share and pay for conveyance charges. Or is it is possible to draw up a legal document for the monies paid to the others for their share. My husband is one of the executors.

We obviously want to do this correctly  and the best way for us financially! 

Please could anyone advise.  Many thanks 

p00hsticks

Is the property specifically mentioned in the will to be inherited by the four or does it simply form part of the residual estate ?

Is there enough money in the estate for it to be divided so that your husband gets 3/4 of the house value and the others get more of the other assets ? (cash etc) ?

Out of interest - what is the intention for the remaining quarter of the house inherited by the fourth beneficiary ? Is it for your husband and them to own the property as tenants in common in a 75% - 25% split ?

Cedar203

Thanks for your reply. 

The Will states the estate and monies to be shared  equally. We would have to use our own money to buy the extra shares as there isn’t enough money in the estate to be shared in other way. 

Our daughter wants to keep her share in the house so yes tenants in common.

Keep_pedalling

Cedar203 said:

Thanks for your reply. 

The Will states the estate and monies to be shared  equally. We would have to use our own money to buy the extra shares as there isn’t enough money in the estate to be shared in other way. 

Our daughter wants to keep her share in the house so yes tenants in common.

Does your daughter already own her own house? If not having a share in the inherited new house could be a bad move as she would also lose her first time buyer status.

Also it might be better if he took his share as a bigger share of the house and none of the other assets. The less money you need to buy out the other shares the less land transfer tax you would need to pay.