Want to sell deceased's house to relative without estate agents or solicitors

[mollymoo42]

Our daughter wants to buy her deceased randfathers house for a fair market price.
We would like her to buy it for lots of reasons but not least because she and her husband are about to start a family and buying her grandfathers house would be ideal for them.
We also want to minimise paying out to estate agents and solicitors as much as possible.
What do we have to do to do it correctly but with least financial cost to all parties?

Thank you
Molly

[LoftyLottie]

Who does the house now belong to?

[4getmenot]

depends who it belongs to. If it has been passed to you then you dont need estate agents sell privately, you would still need a solicitor to change names on deeds

[mollymoo42]

House belongs to my husband and his sister - gifted from will

[LoftyLottie]

As 4get has said, if it belongs to you then you just have to use a solicitor for the formalities and you can both use the same firm of solicitors (different partners) because it's an 'arm's length' transaction. Estate Agents have no part to play. You don't have to have a HIP but have to have an energy survey by law. As long as it is sold at market value or thereabout there is no problem. You have to be careful if it's sold under market value by any large amount as there will be tax implications.

The solicitor will also deal with the land registry.

[Davethedog]

If your happy with the house as is stands 4getmenot is right. You will need a survey for the mortgage and insurance.

As far as insurance go's don't stint on the survey. We never had the drains checked and 10 years later it cost us a fortune.

[LoftyLottie]

Molly, the same will apply then. Your husband and his sister will be the sellers.

The tax thing is to do with not being able to make gifts, etc. But won't apply, as I said, if sold around market value.

It's all quite simple.

[LoftyLottie]

Yes, Dave is right, the building society will need a survey and proof of earnings, etc. as for any other sale.

[4getmenot]

yes depening on age of house I;d suggest a full survey too

[brenda]

Instead of a solicitor use a qualified conyencer for the legal searches and tran sfer of deeds.Loads cheaper and just as able to do the job.Used a conveyencer when I sold my late Uncle's property in Nov last year.Some solicitors have their own conveyencer who does only that type of work.. but very cost effective.

[themas]

As has been said, there are tax implications if it is sold at less than market price. So you really do need an estate agent - not to sell it & get a fee but to value it. In fact, it would be best to get 2 or 3 to come & value it on the basis that you were thinking of putting it on the market & use the average (assuming the figures were fairly close together) as the sale price.

This would not necessarily be needed if the death was recent & the house was valued for probate, as sale could be at that price or close to it.