Inherited Property

Millionssoon

Hi Please can somebody help as I am finding the Land registry site confusing.

me and my sibling have inherited a property 50/50.
We have agreed that I buy her 50 out, no mortgage, no surveys, all very amicable.

do I need AS 1 to transfer the property to us both 
or do I go straight to TR 1 
or do I need to do both

horsewithnoname

You are buying the house off the estate, not your sibling so you just transfer it to your name. Otherwise if applicable they would lose first time buyer status. 

RHemmings

horsewithnoname said:

You are buying the house off the estate, not your sibling so you just transfer it to your name. Otherwise if applicable they would lose first time buyer status. 

Would this require the OP paying the full cost of the property to the estate, and then the estate distributing the funds back to the heirs? In which case the OP would have to front up 100% of the value. Albeit for a short time, until they receive their share of the purchase price back? 

user1977

RHemmings said:

horsewithnoname said:

You are buying the house off the estate, not your sibling so you just transfer it to your name. Otherwise if applicable they would lose first time buyer status. 

Would this require the OP paying the full cost of the property to the estate, and then the estate distributing the funds back to the heirs?

No, why would they do that? They're inheriting 50%, they pay the other beneficiary for their 50%.

RHemmings

user1977 said:

RHemmings said:

horsewithnoname said:

You are buying the house off the estate, not your sibling so you just transfer it to your name. Otherwise if applicable they would lose first time buyer status. 

Would this require the OP paying the full cost of the property to the estate, and then the estate distributing the funds back to the heirs?

No, why would they do that? They're inheriting 50%, they pay the other beneficiary for their 50%.

I was asking if such a shortcut would be possible, given that @horsewithnoname described the process as buying the house from the estate. Clearly if what you describe is possible in that situation, then there's no problem. Since I posted that I had  already found the answer here in any case: https://www.fjsolicitors.co.uk/buying-out-siblings-inheritance-property/  Basically LR will transfer the property into the name of just one heir if provided with the probate and a signed letter from the other heirs. When i asked the question, I didn't know that.