Buildings insurance for occupied property left in will

zoom26

hi I am looking for a bit of advice for a family member.

Sisters (age 20& 17) are living in home that was owned by their late father, confirmation (Scotland) has been granted and received paperwork, one of them is his executor and will states estate to be split equally by them.
they intend to continue living there for around a year until in a better position to sell it. They were going to transfer deeds over to themselves now but been told there is no timeline on this and don’t have to.

However they need to insure the house in the meantime, but obviously don’t “own” the house yet.

Looking for advice on insurance companies that will insure if property occupied but in deceased name and at a reasonable cost?
or

Would they be cheaper paying solicitor now to transfer deeds even though selling next year, so that they can insure for themselves ?
just looking for best advice to give them as they still both in education and need to keep costs to a minimum until they are in a better position.

thanks ☺️

p00hsticks

This type of query might be better over on the insurance board ? If you click on the 'report' flag at the bottom of your post you can ask for it to be moved (don;t make a duplicate post)

poseidon1

Since the completion of the estate administration is outstanding by way of legal transfer to the underlying beneficiaries the house has to be insured on basis of executor ownership ( ie insured as Executor of xxxx Deceased).

The older sister as executor will need to approach a broker such as Howden Scotland to obtain quotes from the companies active in this area of estate buildings cover - article below explains

https://afterlossguide.co.uk/what-happens-to/home-insurance/

Incidentally is a mortgage still outstanding on the property or was there insurance on the father's life to pay it off on death?

Keep_pedalling

As this is Scotland a 17 year old can own property and as they plan to live there for a year or more then I would transfer the house now. It will not only simplify insurance it will avoide a potential CGT liability that could happen if the house is sold within the estate.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82174400#Comment_82174400

Fair comment about CGT, unlike most of England there are parts of Scotland where house prices are accelerating. The estate £3000 CGT exemption ( if still applicable here) would not go very far in avoiding a potential liabilty.