Selling inherited property to a sibling and transfer of ownership

GunnerNotts

Hi 
I’ve jointly inherited with my sibling a deceased parent’s property where they were the sole owner. The sibling wants to buy my share of the property but is insisting transfer of ownership is passed to us both before purchasing my share. Does transfer of ownership have to take place before buying my share. I do not trust my sibling will buy my share and will just leave things in limbo as no offer has been made of amount my sibling is willing to  pay for my share and I do not believe they have the funds to cover the purchase. How do I get confirmation they have the funds required. I’m also concerned about CGT and having to take legal action to force a sale of the property. I do not wish to retain the property and communication is non existent between us. 

Bookworm105

who is executor of the will?
It is their legal responsibility to ensure that the inheritance is distributed as per the terms of the will. Did the will say you get a share of that specific named property or did the will use words to the effect "my estate to be divided equally between my two children"?

if you are unable to talk to each other then you have a problem as there is no way to force your sibling to explain his financial circumstances to you if he is not co-operative.

Either you are made legal co-owner and therefore have a solid something which you can go to court and force a sale of, or, you have to take legal action against the executor and/or your sibling to force the money due to you under the will to be paid to you. Where that money comes from (sale of property or sibling has his own funds he can use) is not your problem

Keep_pedalling

It would be a stupid way of doing it as you would have to change ownership twice and if you don’t already own a property you are going to loose your first time buyer status. The amount you should get is 50% of its value and if you can’t manage that then you insist it is sold on the open market. If you do sell to him I would insist you use a solicitor to handle it as you seem to have little trust in him.

Who are the executors?

Hoenir

Are you both executors of the Estate? 

GunnerNotts

Hoenir said:

Are you both executors of the Estate? 

Thanks. Yes we are both executors and trustees of the will. 

GunnerNotts

Keep_pedalling said:

It would be a stupid way of doing it as you would have to change ownership twice and if you don’t already own a property you are going to loose your first time buyer status. The amount you should get is 50% of its value and if you can’t manage that then you insist it is sold on the open market. If you do sell to him I would insist you use a solicitor to handle it as you seem to have little trust in him.

Who are the executors?

Thanks. We are both executors. There are 4 beneficiaries including us of the will but the property has just been gifted to us with equal shares of the property. I’m happy to use a solicitor but think that cost should be covered from our own funds rather than from the estate as not fair on the other 2 beneficiaries not inheriting the property. 

GunnerNotts

Bookworm105 said:

who is executor of the will?
It is their legal responsibility to ensure that the inheritance is distributed as per the terms of the will. Did the will say you get a share of that specific named property or did the will use words to the effect "my estate to be divided equally between my two children"?

if you are unable to talk to each other then you have a problem as there is no way to force your sibling to explain his financial circumstances to you if he is not co-operative.

Either you are made legal co-owner and therefore have a solid something which you can go to court and force a sale of, or, you have to take legal action against the executor and/or your sibling to force the money due to you under the will to be paid to you. Where that money comes from (sale of property or sibling has his own funds he can use) is not your problem

Thanks. We are both executors of the will. However my sibling was granted probate. The Will states we have equal share of the property with remainder of the estate split between 6 beneficiaries. I am reluctant to sign paperwork to put property in both our names as I’ll be at the mercy of their actions.

theartfullodger

Unless you are a trained legal conveyancer get a solicitors to handle this.  The opportunities to get it wrong are too significant to gamble with... ( IMHO )

Bookworm105

GunnerNotts said:

Bookworm105 said:

who is executor of the will?
It is their legal responsibility to ensure that the inheritance is distributed as per the terms of the will. Did the will say you get a share of that specific named property or did the will use words to the effect "my estate to be divided equally between my two children"?

if you are unable to talk to each other then you have a problem as there is no way to force your sibling to explain his financial circumstances to you if he is not co-operative.

Either you are made legal co-owner and therefore have a solid something which you can go to court and force a sale of, or, you have to take legal action against the executor and/or your sibling to force the money due to you under the will to be paid to you. Where that money comes from (sale of property or sibling has his own funds he can use) is not your problem

Thanks. We are both executors of the will. However my sibling was granted probate. The Will states we have equal share of the property with remainder of the estate split between 6 beneficiaries. I am reluctant to sign paperwork to put property in both our names as I’ll be at the mercy of their actions.

then you are effectively giving up any control you have over the future of the property without ending up in a court battle with your sibling. If you are not a registered owner of it then sibling can do as he pleases in the short term with the only way you would unpick that is to take him to court over mal-administration of the estate.

I appreciate transferring legal ownership to your name exposes you to CGT and SDLT issues but at the moment the property is exposed to CGT anyway if it does not sell within the time limit allowed to estates to sell as estate "owner". Since you seem convinced sibling is not going to sell I struggle to understand your reticence at not being listed as a legal c-owner?