Buying out brother and sister of inherited house

shiraz99

Now I've got my head round of what's involved thanks to the Land Registry rep here and advice from a call to the LR itself I'm in the process of getting quotes from Solicitors and I'm quite surprised how many, albeit conveyancers, don't understand the process themselves. I had one insisting that a transfer would need to made to all beneficiaries first before another transfer could take place to myself.

As a first registration is also involved they all seem to be looking at around £2k for the whole process, does this sound about right? Also, we've all agreed on a fair value based on the current market value and keen to get the payment completed as quick as possible, do I really have to wait until the transfer is actually completed until I pay my siblings? I have the cash available now and would quite happily transfer it over as soon as I can which would be preferable as one of them needs it to buy a house themselves.

msb1234

Would you hand over your money to a seller whom you didnt know? When I sold my DMs house, the solicitor sorted out the transfer of ownership and paid my stepfather his share directly, and me the balance to give to the other beneficiaries.

shiraz99

msb1234 said:

Would you hand over your money to a seller whom you didnt know? When I sold my DMs house, the solicitor sorted out the transfer of ownership and paid my stepfather his share directly, and me the balance to give to the other beneficiaries.

But I'm not handing money over to a stranger. Not sure I get your point.

Savvy_Sue

A first registration is a more complex situation than a simple sale or transfer of shares between beneficiaries. I have no idea if £2k is about right for that, but it may well be. And by the sound of it you want someone who DOES know what they are doing (which a non-solicitor conveyancer may not have much experience of the whole range of what needs doing). 

It's not something you want to get wrong: any money you save by doing it on the cheap will be needed down the line when the mess needs to be sorted out. 

WYSPECIAL

If you trust your siblings and feel it is the right thing to do then there is nothing to stop you paying out from your own funds now.
You could always just do it for the one who is needing the money to buy the house. They don't all need to know how much money you have if you don't want them to.

tls123

Usually around 1000 for solicitors to do the paperwork with land registry and handling payment to parties I have to say anything legal with property due to the large values involved i use a conveyancing solicitor. If I’m getting this right you think you can do it DIY with submitting the land registry forms yourselves if so not sure exactly what your asking as presumably you already understand the DIY process. 

mybestattempt

The risk I see with transferring the money before the property transfer documents are all properly executed is that something could happen to any of the three siblings in the meantime.

My personal view, and I accept I'm a very risk averse person, would be that any money paid in advance of the legal transfer should be properly documented and refundable, essentially a loan/payment in advance to be repaid in specific circumstances.