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Original poster

Do I need a solicitor if my sibling is buying me out of inherited house?

14 replies

Cassavaflower · 21/01/2023 15:36

Hello,
This is confusing so I would be grateful for any advice. My father passed away leaving behind a property that my brother lives in. He wants to buy me out, we are joint beneficiaries in Dad's will. Does anyone know what the procedure is? Do I hire a solicitor or does my brother get it valued then give me half of that? Brother is v slow and disorganised and I want it sorted quickly. Thanks

OP posts:

Yesthatismychildsigh · 21/01/2023 15:43

You’ll need someone to get the deeds and titles changed. That could be a solicitor or conveyancer.

Original poster

Cassavaflower · 21/01/2023 15:47

Thanks
Is that instructed by brother? He needs to get a mortgage to buy me out so not sure if he is doing the instructing!

OP posts:

TeaFagsand · 21/01/2023 15:47

If you get a couple of estate agents in they can tell you the market value, and the cost of selling. This will tell you exactly how much your share is worth. Land law can be complicated so a professional is advisable, especially if your head is a shed or relatives are involved.

MissLucyEyelesbarrow · 21/01/2023 15:51

Make sure probate (if applicable) has been granted first, and that all the estate’s debts have been settled.

You should also take tax advice to make sure that you don’t end up with a CGT liability on top of any inheritance tax.

purplecorkheart · 21/01/2023 16:14

Honestly, I would hire my own legal advice. If your brother is slow and disorganised it could be a nightmare if he is in solo charge.

BlazingFlames · 21/01/2023 17:33

Sorry to hear you have lost your Dad.

Of course your sibling is going to be slow, I bet he is not paying you any rent on your 'half' of the property but will be quick enough to expect you to pay towards any repairs, etc.

Get your own legal adviser, there could be all sorts of pitfalls that you've not thought of.

MissLucyEyelesbarrow · 21/01/2023 21:30

Is that instructed by brother? He needs to get a mortgage to buy me out so not sure if he is doing the instructing!

No solicitor can act for both you and your brother for the sale - you are on 'opposing' sides and it would be a conflict of interest.

You don't have to instruct a solicitor yourself, but you would be daft not to do so. After buying/selling your own house, this is probably the biggest transaction you will make in your lifetime. Using a solicitor will also help depersonalise any potential disagreements between you and your DB.

NotDavidTennant · 21/01/2023 21:31

Are you both executors?

PauliesWalnuts · 21/01/2023 23:33

I bought my brother out. I needed a solicitor but it wasn’t essential for him. We agreed on a price and my solicitor did the work. Pretty hassle free.

Original poster

Cassavaflower · 22/01/2023 07:07

Yes we are both executors and beneficiaries. Price has not been agreed yet. He said he would get valuation but as seller maybe that's my job. I wanted to keep it informal but it's dragged on too long.
Thank you @BlazingFlames
It was sudden and a shock, Dad seemed to be in good health 😥

OP posts:

MissLucyEyelesbarrow · 22/01/2023 07:15

I wanted to keep it informal

That is a terrible idea.

GradNonFashinista · 22/01/2023 07:16

I did this myself in a very similar situation, did all the work and just had to pay a solicitor £10 for an identity check. There is lengthy form from land registry, there’s a helpful YouTube video explaining it all, fill it in send it off. So it was changed from joint names to my name, I then transferred my relative money in stages as think I could only do 10k at a time.

Mindymomo · 22/01/2023 07:25

We did the same thing when my Dad died my brother took over the house. We got probate and after saw a Solicitor. Although my brother had enough money to buy me out, it would have left him without any savings so we agreed to a certain amount each year. Solicitor recommended putting the house in both ours names until he’d paid me. This was 10 years ago and although he’s virtually paid me all the money, he is 65 and single and doesn’t want to change the title deeds to just himself, as I an next of kin anyway. It was worth seeing Solicitor as it makes it formal, she did recommend drawing up a legal agreement in him paying me the money, but said we could do our own, but we didn’t as I trusted him. We did our own valuation on the house as there were many around him similar that had recently sold.

Mindymomo · 22/01/2023 07:33

Also, my brother wasn’t in any hurry to settle things, so myself and DH did all the paperwork for probate and arranging Solicitor. I think my brother thought he could do what he wanted, but after seeing Solicitor she told him what he needed to do, so I’m really glad we did, it was money well spent. If you haven’t yet applied for probate, you need to get that sorted as it can take a few weeks to get.

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