Buying out siblings advice

shiraz99

I'm currently going through a solicitor (well conveyancer) to help me buyout my two siblings from their share of the inherited property and I get the impression they're making it a lot more complicated than it needs to me so looking for some advice, particularly if you've been through the same process.

Quick background; we have a property within the estate of my late father which we are all.equal beneficiaries, there are three of us. We've all, amicably agreed that I will take over the house on payment of a two thirds of the value of the house. I'm the executor of the will and probate has been granted.

I've asked a solicitor to perform the transfer and first registration, which I believe to be straight forward and I was going to transfer the funds to my siblings. They are now saying that they have to handle the payments and my brother and sister also have to get their own legal representation, but they won't say for what specifically. As you would understand my brother and sister don't want to spend unnecessary funds on solicitors for unnecessary work, all they want, rightly so is their fair, and agreed share of the equity. Can someone advise please?

Keep_pedalling

It sounds totally over the top.

What is the value of the estate and the value of the house?

gwynlas

Your solicitor can advise siblings to get their own legal advice bu they do not have to agree with their suggestion.

poseidon1

shiraz99 said:

I'm currently going through a solicitor (well conveyancer) to helo me buyout my two siblings from their share of the inherited property and I get the impression they're making it a lot more complicated than it needs to me so looking for some advice, particularly if you've been through the same process.

Quick background; we have a property within the estate of my late father which we are all.equal beneficiaries, there are three of us. We've all, amicably agreed that I will take over the house on payment of a two thirds of the value of the house. I'm the executor of the will and probate has been granted.

I've asked a solicitor to perform the transfer and first registration, which I believe to be straight forward and I was going to transfer the funds to my siblings. They are now saying that they have to handle the payments and my brother and sister also have to get their own legal representation, but they won't say for what specifically. As you would understand my brother and sister don't want to spend unnecessary funds on solicitors for unnecessary work, all they want, rightly so is their fair, and agreed share of the equity. Can someone advise please?

In this hyper litigious age, your conveyancer  is likely covering themselves against potential legal action by your siblings, in the event  they later accuse you of buying at under value, undue influence or any other host of misdemeanours that can occur during such non arms length property transactions. 

You could of course change conveyancing firm, but I suspect you will be greeted with the same response by any firm concerned with maintaining their professional indemnity insurance intact.

shiraz99

Keep_pedalling said:

It sounds totally over the top.

What is the value of the estate and the value of the house?

I agree but I'm already a few weeks in so can't really do a lot without delaying the process further and it's becoming a bit time sensitive now as my brother is needing his share to help fund a house purchase. Unfortunately the house, which is only around £330k is the bulk of the estate so I couldn't have done anything regarding getting a deed of variation to make things simpler.

The only things that my siblings might require a solicitor for is possibly for an ID1 but they won't tell me this and just insist that they have their own solicitors.

Hoenir

shiraz99 said:

Keep_pedalling said:

It sounds totally over the top.

What is the value of the estate and the value of the house?

The only things that my siblings might require a solicitor for is possibly for an ID1 but they won't tell me this and just insist that they have their own solicitors.

Families and money can be a toxic mix. 

shiraz99

Hoenir said:

shiraz99 said:

Keep_pedalling said:

It sounds totally over the top.

What is the value of the estate and the value of the house?

The only things that my siblings might require a solicitor for is possibly for an ID1 but they won't tell me this and just insist that they have their own solicitors.

Families and money can be a toxic mix. 

Really not sure why you're making this comment, there's nothing toxic about the situation regarding our family.

Keep_pedalling

Hoenir said:

shiraz99 said:

Keep_pedalling said:

It sounds totally over the top.

What is the value of the estate and the value of the house?

The only things that my siblings might require a solicitor for is possibly for an ID1 but they won't tell me this and just insist that they have their own solicitors.

Families and money can be a toxic mix. 

It’s the solicitor causing the issue not the siblings, who all seem to be happy with the arrangement.

sheslookinhot

Perhaps a different solicitor is required.

poseidon1

tls123 said:

I think you have misunderstood the transaction the solicitor has advised your siblings take independent advice but they don’t have to, I think from the info from your post the solicitor just meant they were acting for you not them. If you have all agreed then your solicitor should be able to handle it if your siblings don’t want to pay for their own solicitor. I would just tell the solicitor as we have all agreed the transaction my siblings don’t want to instruct a solicitor

Actually, the issue is far more nuanced than that.

 If the siblings persist in refusing to be represented in their sale, it leaves the conveyancer acting for the buyer as defacto representing the sellers as well. This is because they will receive the buyer's purchase monies and presumably make direct payment to the sellers, but with absolutely no knowledge of the sellers or their circumstances, not to mention no due diligence or money laundering formalities on the seller's end of the deal. No legal professional would want to put themselves in that position.

The OP ( and everyone else for that matter) , should be aware that Law Society  specifically frowns on lawyers/conveyancers acting for both sides in property transactions ( see below link from the law society bearing on this point). This should provide suitable insight into his conveyancers attitude in this matter.

https://www.lawsociety.org.uk/topics/property/conflict-of-interests-in-conveyancing

poseidon1

tls123 said:

I disagree I went through a transfer of equity my ex had no legal representation my solicitor acted for me at all times my solicitor informed him he should if he wanted his own legal advice he declined.  She merely asked him to sign the transfer, took his Id and sent him the money. There was no liablity to my solicitor as they had made it clear he could seek his own representation. 

Your situation may be qualitatively different in that it merely comprised two parties who jointly owned up until the split, and your solicitor did not feel she was  flouting law society guidance in those circumstances.

 That said, perhaps I should amend my comment to ' No CONSCIENTIOUS legal professional would want to place themselves in that position'.