Two properties with LoA granted

tenzin_2

Letter of Administration granted.
Two properties left to two inheritors (me being one of them). 

One to be sold asap.
 Can I change the title of the house deeds online without a solicitor?
And should I put both deeds in my name, or in each of the inheritors names? 
Thank you.

p00hsticks

If you are intending to sell ASAP then it's usually recommended that you leave it in the name of the estate for a variety of reasons such as not delaying the sale, avoiding loss of any first time buyer status, transfer of any CGT liability etc 

AS there is no will the estate needs to be split equally between the two beneficiaries - are you intending to keep the othe property long term and if so does it represent more or les than half of the estate value (i.e. will you have to pay something to the other beneficiary in order to keep it ?)

tenzin_2

I intend to keep the second property long term, I won’t have to pay the other beneficiary anything. So he says now. But I’m keeping an open mind on that as we are all still grieving, and he is particularly low at the moment. 

I just want to avoid solicitors. I have an unnatural aversion to them. I have never met one I trusted. Two very bad experiences with them. Both got disbarred. (not because of me) And they seem to be worse these days. 

Keep_pedalling

tenzin_2 said:

I intend to keep the second property long term, I won’t have to pay the other beneficiary anything. So he says now. But I’m keeping an open mind on that as we are all still grieving, and he is particularly low at the moment. 

I just want to avoid solicitors. I have an unnatural aversion to them. I have never met one I trusted. Two very bad experiences with them. Both got disbarred. (not because of me) And they seem to be worse these days. 

You should not do this, the other beneficiary should be paid their full share of the estate. If this can be done with the sale of the one property then fine if not you should buy them out of any shortfall tied up in the property you want to keep. To do it any other way is asking for trouble 

Savvy_Sue

If the property you're keeping is registered with the Land Registry, I don't think changing the deeds into your name is difficult. If you find it is NOT registered, then legal help is strongly recommended, because it's not something you want to find out you did wrong when you come to sell it. 

Moving on to dividing the estate: if you're the one who obtained LofA, you must have had to put a value on each of the properties in order to give the estate's total value. 

You'll only know how much you actually get for the property you're selling once you've sold it. And you will have to have some dealings with solicitors at that point: maybe you'll feel happier with the service - it's worth asking around, especially friends who have recently bought or sold properties. 

Once you've sold, it would be worth restating the value of the estate to your fellow beneficiary, I feel, and comparing the sale price with the value of the property you're keeping. It'll be a few months down the line, and maybe things will have changed for him - what you probably don't want is him coming back to you in a couple of years in an aggrieved state of mind. 

p00hsticks

tenzin_2 said:

I intend to keep the second property long term, I won’t have to pay the other beneficiary anything. So he says now. But I’m keeping an open mind on that as we are all still grieving, and he is particularly low at the moment. 

I just want to avoid solicitors. I have an unnatural aversion to them. I have never met one I trusted. Two very bad experiences with them. Both got disbarred. (not because of me) And they seem to be worse these days. 

To both avoid any dispute further down the line, and to fulfil your legal obligations as the Adminstrator, you need to get a proper valuation of all the assets in the estate as at the time of death and then split the estate equally. How did you value the properties  when applying for LoA ?

If one property is shortly going onto the open market then the selling price is a reasonable indication, but if you intend to keep the other I'd recommend paying to get a 'red book' valuation from a RICS surveyor to give a clear indication of the property value and avoid any later claims that you got more than your fair share or undervalued the property....

tenzin_2

I got several estimates for both properties.  And being the executor I will divide up the assets as I was asked to do. My brother is a very generous person, but his partner, not so much. So I will, on reflection, give him a cheque for his part of the house, which is a third. And hopefully leave it at that. You are right, people do reconsider their choices. I need to do it right from the get go. 

It’s early days. And everyone is feeling raw. 

Thank you all, for all your advice. 

You are all rather wonderful on these forums, I couldn’t have done it without you. I was terrified at the beginning of the whole process, it is daunting. Again, thanks