Own conveyancing to buy other half of inherited family property

[ChishandFips33]

Could I ask if you would do your own conveyancing when you inherit half a house from one parent and the remaining parent wants you to buy out their half? (No other benefactors)

Would you bother doing searches etc (house has been in family for 45ish yrs and is sound just needs cosmetic stuff)

Deprivation of assets/inheritance tax issues not applicable, wouldn't need a mortgage either - just interested in knowing about the actual sale/registration bits (and having something 'legal' on paper to say I would own it)

Anything else need considering? Tia

Can't really help with any advice around doing the conveyancing yourself and/or whether some parts such as searches can be dispensed with or not.

If the property is registered then it often makes things easier as you and the surviving parent then Transfer the title into your sole name.

You mention it being in the family for 45 years so it may not be registered and in which case you would need to register it for the first time using the old deeds/documents plus the new deed transferring ownership. If it is unregistered then there is no prescribed form to use but you can still use a Transfer form.

We have a fair bit of online guidance on this which may be of interest
www.landregistry.gov.uk/public/when-a-property-owner-dies and

www.landregistry.gov.uk/public/guides/public-guide-13

You can also check to see if the property is registered using section 9 of our Practice Guide 9 to see what trigger date existed for the area
www.landregistry.gov.uk/professional/guides/practice-guide-1

It's a false economy not to use a solicitor for this. Cock it up and you'll have trouble selling it in the future, or borrowing money secured on it.

LandReg Thank you for the links - will read those tonight
Yes, it is registered - did wonder if it only needed to be a transferral or if the typical conveyancing stuff still needs doing with it being a family property

Collaborate could you expand a little please - what could go wrong in terms of the future - we'd possibly live in it for a while, not sure it's our 'forever home' so do need to think it through

There's so much needs spending on it we were hoping to save some money (but I guess that could be done further down the line)

I think the fact that you don't know what to out in place so that you have a saleable title says it all. I last did conveyancing over 20 years ago, but from what I recall you'll need to ensure positive covenants continue via indemnities, you'll need to ensure you have proper title, and probably plenty other stuff

I wouldn't do it myself.

This not a straightforward transfer is it though.? It's a sale as you are buying half from your surviving parent. Have you considered whether Stamp Duty Land Tax is payable? Does the surviving parent live in the property? If not then charge to CGT may arise. For the sake of £200 or so I'd get it done properly.

Yes - I think it will turn out to be more complicated than you think.

I did a straightforward swap with my daughter and son-in-law. No money was changing hands. I naively thought it would just be a question of transferring titles. But we both ended up having to pay Stamp Duty.

My fil tried to do something clever by giving his children half of the family home, where mil was still living, to reduce death duties. I seem to remember Capital Gains was involved there, too.

You could get yourself into a lot of trouble.

No stamp duty needed and not lived in (surviving parent in a care home, sale is sanctioned by SServices too) but have scared myself in to sorting a solicitor to do it

Thanks everyone you've been very wise