Probate Please!

[sootywooty]

Hi All!! i would like to ask a question reguarding probate and the will being passed, say when interviewed and the house is mayb to be split 50/50 and both agreed that we want the house kept in family is that ok, or do they insist the house is sold and then money is then split 50/50.

 

Thanks for any Help!

Edited May 24, 2010 by sootywooty

[Michael Browne]

There is no requirement that the house be sold and assuming the two beneficiares agree, the house can be transferred to joint ownership in their names

[sootywooty]

Ok Thanks Alot!! One more question their is nothing involved other than the house and my sister just wants a certain amount money from me and then is happy, can we just go ahead and get a solicitor to change the names and no probate because both of us agree.

 

Also if probate how much does it cost please, we want to do it ourselves as to keep the costs down also what is the best method.

 

Thanks for any Help!

Edited May 24, 2010 by sootywooty

[Michael Browne]

All wills require a Grant of Probate and the executor/s can apply for this themselves

 

See here:

Applying for probate : Directgov - Government, citizens and rights

[sootywooty]

Ok Michael Thanks Alot Again! That site is Great, is that the only cost then the £90 grant if we do it ourselves, does it cover getting the new names put on the deeds as well btw, will their be any others costs please.

 

I no nothing about this as you can see, i just asumed the things were just passed on thru the family. Like when my Father passed along time ago now.

 

Thanks Again!!

 

All the best, Paul.

[Mozz1]

You will need to have the house transferred out of the name of the deceased and into the name/s of the intended beneficiary/ies. This is separate from probate and the land registry will not permit the transfer until probate has been granted.

[sootywooty]

Ok Thanks Alot Mozz1! Any ideas about the transfer costs please is it just a one of payment.

[Mozz1]

Follow this link. Scale 2 charges apply for probate transfers which are less. In addition, legal fees should be iro £250 + VAT. You can do it yourself (which is much easier if it is registered land) but personally I would get a solicitor to do this for me on a fixed fee basis.

 

http://www1.landregistry.gov.uk/assets/library/documents/rrg_rsf_july_2009.pdf

[Mozz1]

And here is the form AS1 you will need to do the transfer if you are doing it yourselves.

http://www1.landregistry.gov.uk/assets/library/documents/AS1.pdf

You will also need a form AP1, an ofice copy of the Grant of Probate (or original Grant of Probate) and the requisite Scale 2 fee.

The above applies if you are transferring the house into the names of both beneficiaries.

However, if only one of you is receiving the house and the other is being "bought out" then the situation changes. Consideration is being given by the beneficiary keeping the house if s/he is buying out the other beneficiary with her/his own funds (and not, for instance, from his/her share of the inheritance). If so, then you will need a TR1, AP1 and a SDLT1 will need to be completed and Stamp Duty land Tax paid if the consideration exceeds (from memory) £40,000. The cale 1 fees will then I believe apply but I stand to be corrected if wrong.

Due to restrictive covenants and indemnities etc I would urge you not to go it alone but to get professional legal advice when dealing with land.

[sootywooty]

Ok Great Thanks Alot!! the land is not registared btw! also i was going to do an equity realease to pay my sister her money.

Edited May 25, 2010 by sootywooty

[Mozz1]

As Miichael Browne correctly says, there is no compulsion for you to sell the house. It can be assented to both beneficiaries (although it may have to be sold if there is not enough money in the esatte to pay the liabilities and any possible inheritance tax etc). If this is not a problem, then yes the house can be transferred and the probate registry are not interested in what you do with the estate.

 

You mentioned, I think, that the land is unregistered. Definitely do not attempt first registration and the assent yourselves. Please take legal advice. However, for DIY conveyancing the forms you would then need are an FR1 (not an AP1) and a form DL plus fee etc. The property is registered in the names of the Executors who can then assent it to the intended beneficiaries.

 

Solicitors will charge iro £300 plus VAT for first registrations. Pls get them to agree a fixed fee in advance.

 

Hope this helps.

[sootywooty]

Ok Mozz1 Thanks Alot Again!!

[Mozz1]

No worries. Keep us updated.

[William Little]

I would like to point something out but bare in mind I am not a solicitor etc so my wording maybe flawed.

Whilst reading various inheritance/probate/will threads on various forums I have seen several threads where beneficiary A has "bought out" beneficiary B from a shared inheritance asset but subsequently beneficiary B has taken action because they, at a later date, have felt that they had not been paid a fair price for their portion of the asset. If you do buy your sister out of the house then I'd suggest that, in writing, it is made clear that the agreed price is agreed and is full and final settlement and that she will have no grounds on which to pursue you later on if the value of the house subsequently increases significantly. In what I have written I assume that the proposed settlement would be fair going by the current market value. I am not being nasty here just practical.

[sootywooty]

Thanks William! yes we are getting it sorted well, i will keep that in mind though.

[sootywooty]

All Went Ok! Thanks for all the Help!!

 

All the best, Paul.