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Tranferring a property not mentioned in a will
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mr_Jw
Posts: 18 Forumite


HI All
My brother died last year and his 2 sons and 1 daughter would like to transfer the house to a shared ownership.
The house is not mentioned in the will but it states that all assets are to be divided equally.
Can the property be transferred easily, or is it advisable to use a conveyancing solicitor?
My brother died last year and his 2 sons and 1 daughter would like to transfer the house to a shared ownership.
The house is not mentioned in the will but it states that all assets are to be divided equally.
Can the property be transferred easily, or is it advisable to use a conveyancing solicitor?
Regards
Phill (Merseyside UK)
Phill (Merseyside UK)
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Comments
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The house is an asset
If it's his only property then it depends on the value
It's an easy process to change the ownership directly with the land registry yourself with copies of the death certificateEx forum ambassador
Long term forum member0 -
Do any of them actually have any experience of being landlords? Frankly this sounds like a terrible idea and a recipe for future conflict, when one wants to sell up and cash in and the others don’t. I am assuming here that they they don’t actually live in it.They certainly should not do this for sentimental reasons, but after thorough research it makes financial sense then fine. If any of them are not current home owners then this would be a bad move as they will loose their first time buyer status and will have to pay an addition 3% in tax on any purchase they make while being a part owner in the old family home.1
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OP doesn't say anything about renting the house out after ownership is transferred? Is there another thread?"You've been reading SOS when it's just your clock reading 5:05 "0
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Is there a mortgage on the property? Are there other debts in the estate? These would all need to be settled before the net assets can be distributed.
They don't really need conveyancing if receiving the property for free but they could use a solicitor to transfer the title and deed of trust.0 -
sammyjammy said:OP doesn't say anything about renting the house out after ownership is transferred? Is there another thread?0
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saajan_12 said:Is there a mortgage on the property? Are there other debts in the estate? These would all need to be settled before the net assets can be distributed.
They don't really need conveyancing if receiving the property for free but they could use a solicitor to transfer the title and deed of trust.Regards
Phill (Merseyside UK)0 -
mr_Jw said:saajan_12 said:Is there a mortgage on the property? Are there other debts in the estate? These would all need to be settled before the net assets can be distributed.
They don't really need conveyancing if receiving the property for free but they could use a solicitor to transfer the title and deed of trust.If there are sufficient other assets in the estate you could do this by distributing the estate so that the non resident gets a larger share of the other assets. For example if the house is worth £300k and the other assets £300k, each would be entitled to £200k so the siblings living in the house get a half share of the house plus £50k each and the other sibling gets the remaining £200k.The 2 of them also need to decide how the ownership is to be set up, joint tenants or tenants in common.0 -
Keep_pedalling said:mr_Jw said:saajan_12 said:Is there a mortgage on the property? Are there other debts in the estate? These would all need to be settled before the net assets can be distributed.
They don't really need conveyancing if receiving the property for free but they could use a solicitor to transfer the title and deed of trust.If there are sufficient other assets in the estate you could do this by distributing the estate so that the non resident gets a larger share of the other assets. For example if the house is worth £300k and the other assets £300k, each would be entitled to £200k so the siblings living in the house get a half share of the house plus £50k each and the other sibling gets the remaining £200k.The 2 of them also need to decide how the ownership is to be set up, joint tenants or tenants in common.
Thank you to those who commented.Regards
Phill (Merseyside UK)0 -
Hi. I am the OP.
Unfortunately the 3 siblings (who are in their 50's) have fallen out again and one of them reckons they can get a solicitor to do the probate and that I need to stand down as the executor.
What I am saying is that it's really up to them to negotiate the asking price of the house, as
The property is a 90 year old former council house and is in an area known for antisocial behavior.
Similar houses in the area are worth as little as £70 k to £100 k.
Getting a solicitor to do the probate could cost them at least 2% of the value and they would all lose out anyway.
They were all agreed originally but now they are again in dispute.Regards
Phill (Merseyside UK)0 -
Who exactly did your brother appoint as executor(s). Those people has a legal duty to execute the will.
What exactly are the assets? Anything other than the house?
If you've have not made a mistake, you've made nothing0
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