Changes To Title Deeds

[saxy_jag]

Last year my mum died intestate and my sister and I inherited everything jointly, including the house. My sister paid off the mortgage and I live at property with my husband and pay a very small rent to my sister. The deeds are still in my deceased parents' names.

I'd like to release some equity at some point in the future but I've been told that to be able to do that we'd both need to live there, which clearly my sis doesn't - she has a perfectly good house of her own. We have considered all the ins and outs and the implications for the future and all things considered, my sis is quite happy to have the house transferred into my sole name and from what I can see it's easy enough to fill in the Land Registry forms to do this. Thing is I can't see anywhere on the forms (AP1 and AS1) that require my sister to sign or declare anything to say she agrees to it and I'm sure she must have to at some point. We will have to send in the probate documents that list both our names as administrators of Mum's estate, so surely they will ask questions about that?

We'd rather not have to pay a solicitor if we can help it - money's a bit tight.

[woofgang]

I am sure you won't need a solicitor. I think what you could do is transfer the home out of your parents ownership and into your joint ownership and then yours sister can transfer her bit to you but I would suggest that you phone the land registry on monday and ask them. When my husband died I had no idea what to do and they were very patient and helpful. I am not sure who told you about the equity thing and your sister needing to live there. That sounds a bit strange. Also can I suggest that you think very hard about equity release schemes as the interst on them can be horrendous.

[Buenchico]

As I see it, TWO property transfers are required.

As far as the the Land Registry is concerned, the only documents available show that the title to the property should pass to you and your sister jointly. So that transfer is 'Step 1' and the ONLY transfer that can be concluded solely based upon your Letters of Administration from the Probate Court.

Then you need to transfer your sister's interest in the property to yourself, so that the title is wholly yours. (i.e. 'Step 2') It's at that stage that your sister's assent will be required.

While Land Registry staff can't offer legal advice, they can direct you towards the appropriate procedures for your circumstances and they've got a good reputation for being helpful. So why not ask them for assistance?
http://www.landregistry.gov.uk/contact-us

[woofgang]

ha ha, I got it right and I beat Chris!!!!!!!

[saxy_jag]

Thanks both. I have just posted the question the LR help boards and will wait to see what they say.

Woofgang, we're checking out the equity thing very carefully so don't worry. Hubby and I plan to stay here for some years to come - into our retirement at least - and it needs some improvements making - windows, plumbing etc. Equity will be the only way we can afford to do that.

[Peter Pedant]

so longs as someone has told you equity release is a bad deal most of the time...

sorry bad deal for the borrower - good deal ( but not of wonga proportions) for the lender