Whilst I am waiting for a reply from my solicitor could anyone help me with this please ?
4 siblings have a deed of trust where they are 'beneficial tenants in common' and have equal shares. Two are trustees . The Deed of Trust not regisrerd with land registry but all 4 signed it and are obviously aware of its existence. The title is held by the 2 trustees including the one who died.
2 probate solicitors have seen all the documentation and said that the whole value of the property will go into the estate of the person who died for inheritanxe tax purposes as co trustee and confirmed that the beneficiaries of the deceased will get a quarter of sale proceeds should the house be sold.
Conveyancer dealing with house sale who I think is a trainee has said to the now sole trustee that there is a problem as the Deed not register with Land registry and there is nothing in it to say what happens in the event of the death of a beneficiary aa has happened so the sale proceeds are to be split 3 ways between the the remaining 3 living beneficiaries.
My understanding is although not directly spelled out by the probate solicitors thst the reason the Deed of Trust doesn't specify what happens in the event of the death of one or more of the beneficiaries pre the sale of the property is because the Deedx says tenants in common which in itself has a legal meaning that says what occurs in the event of the death of the beneficiaries is their share goes to the people they have put in their will and does not ger redistributed amongst the 3 suruvung beneficiaries.
I also understand that the Deed not being registered against the Title dies not mean it is invalid.
Whilst j am waiting for my solicitor to come back to me would someone mind commenting on the above as to whether I have got the wrong end of the stick please ? Sorry this is long and thanks very much.