Specialist Expertise
Beneficiary Purchases
When one beneficiary of an estate wants to keep the family home, and buy out the shares of the others this is called a beneficiary purchase.
Most conveyancing firms would see this type of transaction only in exceptional circumstances and are unlikely to have the systems and expertise to deal with it. At probate conveyancing it is one of our 4 specialisms - we deal with hundreds of specialist probate transactions. This is our bread and butter.
A case study - Lee, Paul and Sarah
Lee, Paul and Sarah were the beneficiaries of their Mum's Will. Their father had died several years ago and mum's Will left everything to her three children in equal shares. During probate the family home was valued at £450,000.Â
Sarah's Story
Sarah was closer to her Mum and Dad than her brothers, she was the last to leave the family home and considered it to be her home.Â
When she married, Sarah made no secret of the fact that she would ultimately like to move her family back when the time came. Her brothers had no objection and they wanted to help her if they could. Â
Between them they agreed that Sarah could buy the home and on completion she would pay them each £150,000.
Using W & P Legal to administer Mum's estate and probateconveyancing.co.uk to facilitate the property transaction everything ran smoothly and Sarah, her husband and their children now live in the family home. We even introduced her to a suitable mortgage broker as well.
Technical Asset Distribution
Behind the good news story there was some deeply technical work being done by our team. Essentially the estate was selling the property to a buyer who had a 'gifted deposit' - their share of the estate. Sarah got a mortgage and used some of her savings to fund the £300,000 needed to buy out her brothers. Our team's job was to make things run seamlessly.
Dedicated to the nuances of Probate Property
At Probate Conveyancing, we believe that estate transitions deserve more than standard legal processing. Our commitment lies in the precise execution of specialist, niche, SRA-regulated property transfers, providing the peace of mind that only true specialisation can offer. We offer personal representatives true peace of mind - knowing that the estate property transaction will run smoothly.
