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Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34496
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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6 years ago I inherited a 1/3rd share in a property along

Resolved Question:

6 years ago I inherited a 1/3rd share in a property along with an aunt (who lives in it) and a cousin. (Due to an error at the time my late mother's name is ***** ***** the land registry deeds rather than mine). If I want to GIVE UP that 1/3rd share entirely and have nothing further to do with the property, including any future liabilities in relation to it, what are my options?
Submitted: 3 months ago.
Category: Property Law
Expert:  Clare replied 3 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Are your Aunt and Cousin agreeable to your doing this?

How did your mother's name come to be on the deeds?

Customer: replied 3 months ago.
Thanks to circumstances (currently being assessed for dementia) I don't know whether my aunt, who is 81, would be but my cousin would be as long as it had no implications for her (e.g. tax); My mother and her 2 sisters inherited it from their parents - 1/3rd each. My aunt was one of those sisters; my cousin is the daughter of the 3rd sister (who is now dead)
Expert:  Clare replied 3 months ago.

Which area is the property in and who was the Executor of your late mother's Will?

Customer: replied 3 months ago.
It's in Hebburn in the north-east. She didn't leave a will. I was granted probate.
Expert:  Clare replied 3 months ago.

How much is the property worth - how much will you be gifting to your cousin?

Customer: replied 3 months ago.
They sell for between £40k and £50k depending on condition. It's in pretty bad condition now and so I expect it's value now is more toward the £40k end of that range. I think it was valued for probate (I can check this) but that was 6 years ago so that'll be out of date I expect. So my best guess is that my 1/3rd would be around £13k to £16k currently.
Customer: replied 3 months ago.
Also, is gifting it to my cousin my only option? Are there ways I might sell my interest in it?
Customer: replied 3 months ago.
Price/value update: The almost identical flat next door is on Zoopla at £46k so I think £40k-£50k is about right.
Expert:  Clare replied 3 months ago.

From what you have said your only option if you no longer wish to have an interest in the property is to either sell of gift your share to your cousin

Given that you are the Executor of your late mother's estate the fact that the property is till registered in her name is ***** ***** major issue and the actual Transfer should not be complex at all.

Obviously you and your cousin need to agree a price but once that is done the process is straightforward.

I hope that this is of assistance - please ask if you need further details of the process - follow ups are free!

Customer: replied 3 months ago.
That's great info thanks - I have one last 'process' follow-up question as to the deeds:The deed currently shows: 1. My aunt; 2. My late mother.It *should* show: 1. My aunt; 2. Me; 3. My cousin.(Both my cousin and I can prove our entitlement/beneficial interest).In terms of changing the deeds, who has to "agree" to any change? For example, could my cousin or I have the deeds amended independently of each other and without the other's consent? Who *has* to agree to any changes to the deeds?(I don't think this will happen as I think we'll agree everything easily and do it all "as one", but I just want to know in case this comes up at any point in the conversation - whether we can change the deeds independently or whether we all have to agree to any changes etc.)After that I'm done and will rate and pay without further questions! (Or start a new one and ask for you :-) )
Expert:  Clare replied 3 months ago.

Can you attach a copy of the Office Copy Entries?

Customer: replied 3 months ago.
I think this is what you mean, yes?
Expert:  Clare replied 3 months ago.

Excellent - thank you.

Were your mother and your aunt the executors of their parents wills?

Customer: replied 3 months ago.
I don't think either of their parents left wills so it was probably probate and that, I think, would have been done by my mother. I don't have any paperwork on the (my) grandparent(s)-to-their-daughters part of this.
Customer: replied 3 months ago.
Hi - I got a "please rate" etc. email so came online to check for an answer to my final follow-up question as to who needs to 'authorise' any changes to the deeds and didn't find it - did something go wrong? Thanks.
Expert:  Clare replied 3 months ago.

IT seems likely that your mother and Aunt dealt with the Administration of the Estate which is why they held it in their names on behalf of themselves and their sibling.

You as Adminsitrator/Executor of your late mother's Estate form transferring the property into the names of your Aunt and your cousin.

Customer: replied 3 months ago.
I didn't quite understand that - does that mean that I'm a *neccessary signatory* to the paperwork involved in making any changes to the deeds?
Customer: replied 3 months ago.
Also, in case I start a new question, how do I make sure I get you again? :-) )
Expert:  Clare replied 3 months ago.

Yes your signature will be needed - and you can always ask for me in the question heading!

Clare and other Property Law Specialists are ready to help you
Customer: replied 3 months ago.
Thank you!