Selling-Property-Inheritance-Question (Boo Hiss sir, Boo Hiss)

[Jim_MacLaine]

I've luckily enough inherited a third of our parent's property and my two siblings and my name have been transferred onto the deed.

Anyway, I've never bought or sold property before and wondered when the house is sold and the money is transferred to, I want to say conveyancer/solicitor. Will she/he then (after fees) transfer it equally to the three names on the deed?

[Hat FM]

have you looked into inheritance tax? its daylight robbery.

[paruses]

They send each of you a set of clues as to where the money is and that's when the clock starts... [nb]they just send you a cheque  with your cut. Probably a bank transfer these days[/nb]

[bgmnts]

have you looked into inheritance tax? its daylight robbery.

Why is it daylight robbery?

[Blinder Data]

I have no idea but while I'm here, may I sincerely wish that the process of inheriting your parents' estate not create unresolvable tension and bitterness among you and your siblings. Sadly too common :(

[Buelligan]

Best way to avoid it is to give it away.  Did that with mine.

[Jim_MacLaine]

have you looked into inheritance tax? its daylight robbery.

Yeah, that's all been sorted. It's the practical step of the money transfer I'm curious about.

They send each of you a set of clues as to where the money is and that's when the clock starts... [nb]they just send you a cheque  with your cut. Probably a bank transfer these days[/nb]

Ooh ta.

I have no idea but while I'm here, may I sincerely wish that the process of inheriting your parents' estate not create unresolvable tension and bitterness among you and your siblings. Sadly too common :(

That's why I'm asking. To avoid it quite possibly happening.

Best way to avoid it is to give it away.  Did that with mine.

Can I have your cave mansion?

[Better Midlands]

I've luckily enough inherited a third of our parent's property and my two siblings and my name have been transferred onto the deed.

Anyway, I've never bought or sold property before and wondered when the house is sold and the money is transferred to, I want to say conveyancer/solicitor. Will she/he then (after fees) transfer it equally to the three names on the deed?

Is it the same solicitor dealing with the sale of the house as the will?

[Jim_MacLaine]

Is it the same solicitor dealing with the sale of the house as the will?

No. One of my sibling's is the executor and hasn't engaged a solicitor as it was a relatively straightforward will. That was five years ago. In between time we've been dealing with a land registry charge and our dad's decision to break contempt of court laws from beyond-the-grave regarding our parents divorce. Finally the charge is being removed and so the house can be sold.

As Blinder Data has mentioned things can/have been -ahem- a bit difficult.

That's why I would have confidence in us all getting our inheritance if we each got our share from the sale via the conveyancer rather than the money going to the executor.

[Better Midlands]

Mmmm, I wouldn't want to give incorrect advice, best to speak to a solicitor.

[Jim_MacLaine]

Mmmm, I wouldn't want to give incorrect advice, best to speak to a solicitor.

You probably couldn't be worse than 3 of the 4 solicitors we've used during this process.

[Better Midlands]

You probably couldn't be worse than 3 of the 4 solicitors we've used during this process.

I know what you mean.

The executor is obviously required to split the money from the sale as specified in the will, to not do so is theft.
Can you speak to the solicitor handling the house sale about this?

[paruses]

Mmmm, I wouldn't want to give incorrect advice, best to speak to a solicitor.

Yes am backtracking now as I didn't consider it would be so Complicated. Just checked with a friend who has settled his dad's estate (there is 4 children. 60 year old children ). The brother is the executor. All of the funds passed through him - which makes sense. Deffo speak to the conveyancing solicitor to check the best way to handle things. My friends brother is a pain but kept track of everything expense wise and is honest. Best of luck.

[earl_sleek]

I recently inherited some money and received the money from my uncle, who was the executor. Dunno if that's normal or not.

[Jim_MacLaine]

I know what you mean.

The executor is obviously required to split the money from the sale as specified in the will, to not do so is theft.
Can you speak to the solicitor handling the house sale about this?

I think we will. The main reason I suggested changing the names on the deed from our parents to the three beneficiaries was Capital Gains Tax but if it also can act as a safeguard to shenanigans that would be helpful.

The sibling executor has in the past cut off their own nose to spite their face in order to upset my other sibling so basically I want this process to move along as smoothly as possible.

[Jim_MacLaine]

Yes am backtracking now as I didn't consider it would be so Complicated. Just checked with a friend who has settled his dad's estate (there is 4 children. 60 year old children ). The brother is the executor. All of the funds passed through him - which makes sense. Deffo speak to the conveyancing solicitor to check the best way to handle things. My friends brother is a pain but kept track of everything expense wise and is honest. Best of luck.

Yeah, that's the thing. We've asked to see the estate accounts and Executor sibling gets a bit cagey and defensive. If I had no worries regarding their honesty/need to piss people off it wouldn't be an issue.

[Bobloblawslawbomb]

I once inherited a clock. Beats buying 'em!

[imitationleather]

I once inherited a genetic defect. Beats acquiring them!

[Dex Sawash]

Yeah, that's the thing. We've asked to see the estate accounts and Executor sibling gets a bit cagey and defensive. If I had no worries regarding their honesty/need to piss people off it wouldn't be an issue.

Cagey, perhaps he's shagged the house?