buying out sibling of her share of house

NittyGritty

Olinda99 said:

she 'owes' you £150 - costs are borne by the estate before distribution

its £100 myself and 2 sisters, one of which have already paid £100 of the £300 i originally paid

JGB1955

The cost of getting probate comes from the estate - not yourself, or your sisters.  What is left, after paying all those costs, is available for distribution according to the will.

NittyGritty

JGB1955 said:

The cost of getting probate comes from the estate - not yourself, or your sisters.  What is left, after paying all those costs, is available for distribution according to the will.

as i said earlier i paid for the probate out of my pocket, hence am i entitled for money back out of the share i buy her out of

RAS

As executors or administrators, you and your siblings are entitled to reclaim costs of managing the estate. Nothing odd or devious about this.

mattojgb

NittyGritty said:

mattojgb said:

There are rules regarding executors buying property from the estate they are administering. You should look up the rules on self-dealing. If at some point in the future your sisters decided that they didn't like what you had done they could overturn it relatively straightforwardly if the rules had not been followed. If you don't think that would be an issue then you may decide not to follow the rules.

thats why i,m wondering is it easy to do myself or get a solictor to do it that way i cover myself so theres no comeback once shes bought out of house

If you want to follow the rules and avoid any potential future problems you will have to use a solicitor. The beneficiary who you are buying out will have to be advised by a separate solicitor and then both solicitors need to agree that everything is above board.

Keep_pedalling

NittyGritty said:

JGB1955 said:

The cost of getting probate comes from the estate - not yourself, or your sisters.  What is left, after paying all those costs, is available for distribution according to the will.

as i said earlier i paid for the probate out of my pocket, hence am i entitled for money back out of the share i buy her out of

Did the estate not have any liquid assets your executor expenses could be paid from?

NittyGritty

no just the house,just got a few quotes from 2 solictors, they range from £1.4k to £1.7k

is it easy to just it yourself without incurring further costs, is there some sort of legal agreement i can get so it shows  my sister is happy to just accept my original offer, and get paid by me? surely it would save alot of uncessary fees with solictor,
 all i would then need to do once paid is to transfer my late mothers name on the title deeds into mine and my other sisters name on the land registry? what forms would i need for this (i just did a search on land registry but it doesnt show on there, i,m assuming its because her name was transferred in the 80;s when he husband passed away into her name, so what forms would i need to complete the transfer into mine and my other sisters name once shes bought out of her share?

[Deleted User]

Plenty of good advice on the thread suggesting that a solicitor is in everyone's interest. Keep it legal and above board now, to avoid potential problems later on.

NittyGritty

[Deleted User] said:

Plenty of good advice on the thread suggesting that a solicitor is in everyone's interest. Keep it legal and above board now, to avoid potential problems later on.

it will be, just trying to see if theres any other options out there rather than spend unecessary costs if its possible to do it myself, just like i did with probate, it  cost £300, yet i asked solictors and they wanted over a grand to just to that, so i ended up doing it myself for a fraction of the cost, yes i know its slightly diffrent buying a sibling out but the principle is the same

ive read about getting a buyers agreement written up i,m not sure if this will be a cheaper option with a solictor or if its a non starter with them, anyone else bought a sibling out without a solictor and just did the land registry themselves?

or even went to a solictor to draw up just a buyers agreement which shows the agreed price how its paid for etc

sheramber

The beneficiaries need to take legal advice before signing any agreement.

The agreement is a legal document  so needs to be done correctly. 

Since you have so many questions you should  be involving a solicitor.