Inherited house

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  • Keep_pedalling
    Keep_pedalling Posts: 16,591 Forumite
    First Anniversary First Post Name Dropper Photogenic
    What is the house worth, and what is the value of the other assets?
  • kelloggs36
    kelloggs36 Posts: 7,703 Forumite
    First Anniversary First Post Combo Breaker
    Keep_pedalling wrote: »
    What is the house worth, and what is the value of the other assets?

    The total value of the estate is 440k which includes the property at 325k. We completed a iht217 to claim my dad's unused mol rate allowance so we had am inheritence tax free allowance of 650k. The estate is well below this. We have paid the other beneficiaries as per the terms of the will ie the grandchilsren. My sister and I are the only other beneficiaries and we are also joint executors. Ot is only the house that is left to deal eith. She and her family are living there already as they had moced in with mum a few months ago whilst they boufgt thwor own house as ftv. Unfortunately her lender has now decided to demand an extra 12 k deposit for the gouse they were buying which she does mot have as she has paid all of the money she had from my mum as the deposit. She has now decided to withdraw from that house purchase and purchase mum's house at the market valuation given by 3 estate agents which O am very happy about. The question is really about how to do thia the best way. Some research suggests registering the house in our names first but this could cause issues with lenders wanting jer to have been part owner for 6 months before lending. This delays releasing the funds to me whilst she lices mortfage and rent free in the house for 6 months. I would not charge rent at all but really would like this sorted quickly. If we do not re register the house in our names would that be bettwr as she would just be buying the house and paying 187500 which would then go to the executors and then we pay me.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    edited 14 October 2018 at 8:50PM
    kelloggs36 wrote: »
    The total value of the estate is 440k which includes the property at 325k. We completed a iht217 to claim my dad's unused mol rate allowance so we had am inheritence tax free allowance of 650k. The estate is well below this. We have paid the other beneficiaries as per the terms of the will ie the grandchilsren. My sister and I are the only other beneficiaries and we are also joint executors. Ot is only the house that is left to deal eith. She and her family are living there already as they had moced in with mum a few months ago whilst they boufgt thwor own house as ftv. Unfortunately her lender has now decided to demand an extra 12 k deposit for the gouse they were buying which she does mot have as she has paid all of the money she had from my mum as the deposit. She has now decided to withdraw from that house purchase and purchase mum's house at the market valuation given by 3 estate agents which O am very happy about. The question is really about how to do thia the best way. Some research suggests registering the house in our names first but this could cause issues with lenders wanting jer to have been part owner for 6 months before lending. This delays releasing the funds to me whilst she lices mortfage and rent free in the house for 6 months. I would not charge rent at all but really would like this sorted quickly. If we do not re register the house in our names would that be bettwr as she would just be buying the house and paying 187500 which would then go to the executors and then we pay me.
    You have had much good advice on here but only now is a fuller story emerging. You both need to get paid for professional advice by someone who you can tell all the fine detail to.. That way you will both get the best outcome. It is all too important to rely on the advice from here good as it may be. A few hundred pounds will put you minds at rest and ensure every angle is covered.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    A decent sized practice will have conveyancing and STEP solicitors to guide the process.

    Sis will need a solicitor(the one they are using may be OK) anyway.

    People buy houses off estates quite a lot this won't be anything unusual.
  • kelloggs36
    kelloggs36 Posts: 7,703 Forumite
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    What is a STEP solicitor?
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    kelloggs36 wrote: »
    What is a STEP solicitor?
    STEP is a qualification for solicitors with particular reference to trusts and wills., Probably not needed in your case but any STEP qualified solicitor will really know his job.
  • Tom99
    Tom99 Posts: 5,371 Forumite
    First Post First Anniversary
    Yorkshireman99 wrote: »
    STEP is a qualification for solicitors with particular reference to trusts and wills., Probably not needed in your case but any STEP qualified solicitor will really know his job.


    You can find more details and a list of members here:
    https://www.step.org/member-directory
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Yorkshireman99 wrote: »
    STEP is a qualification for solicitors with particular reference to trusts and wills., Probably not needed in your case but any STEP qualified solicitor will really know his job.
    Note for OP. You don’t need the expense of a specialist STEP member for a simple transaction like yours.
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