Tranferring a property not mentioned in a will

mr_Jw

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? 

Browntoa

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 certificate 

Keep_pedalling

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.

sammyjammy

OP doesn't say anything about renting the house out after ownership is transferred?  Is there another thread?

saajan_12

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. 

Keep_pedalling

sammyjammy said:

OP doesn't say anything about renting the house out after ownership is transferred?  Is there another thread?

I know, but unless they are all living there that is the most likely reason, hopefully the OP will be back to confirm what the plans for the house are. 

mr_Jw

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. 

No.  The mortgage has been paid off around 10 years ago.  2 of the siblings live in the property but the other one wants to be paid off for her share of the property.  Either ways, I reckon they would need to come to an agreement before any transfer can take place.

Keep_pedalling

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. 

No.  The mortgage has been paid off around 10 years ago.  2 of the siblings live in the property but the other one wants to be paid off for her share of the property.  Either ways, I reckon they would need to come to an agreement before any transfer can take place.

That makes sense, the two who are occupying the property need to buy out the third sibling, and that needs to be sorted before any transfer. 

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.  

mr_Jw

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. 

No.  The mortgage has been paid off around 10 years ago.  2 of the siblings live in the property but the other one wants to be paid off for her share of the property.  Either ways, I reckon they would need to come to an agreement before any transfer can take place.

That makes sense, the two who are occupying the property need to buy out the third sibling, and that needs to be sorted before any transfer. 

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.  

Yes, that's the deal they have agreed on now.
Thank you to those who commented.

mr_Jw

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.

RAS

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?