House Transfer TR1

Tonico

My brother and I have inherited our parent's (both deceased) house. We are both named executors in the will and a Grant of Probate has been received. There is no mortgage and we are both the sole beneficiaries in the will. I currently live at the property by myself and want to transfer/pass the property to myself. We are both in full agreement on this. I have all the forms (AP1, AS1/TR1, ID1) ready to complete and send to HM Land Registry. Our objective is to discover the easiest way to complete the transfer without me having to buy my brother out. Is this possible or are we obliged by law (given that we are equal beneficiaries in the will) to complete TR1?

Muttleythefrog

Probably needs moving to another board.... this is for benefits... I'll let admin know

Keep_pedalling

Depending on the assets contained within the estate there are a couple of ways to do this.

If there are sufficient other assets within the estate to give your sibling his 50% share then you divide the estate according long. You get the house, he gets the equivalent value in the other assets and what is left is split 50/50.

If there is not sufficient other assets and you brother is happy for you to have a larger share of the estate then he can do a deed of variation to give you full ownership of the house. The deed of variation needs to be done within 2 years of the death of the parent who left you the house, and will avoid your brother’s estate having a IHT potentially exempt gift in it for the next 7 years.