Vesting

[Stan Cronin]

My Dad is executor of his mothers will. The will states that my Dad and his two brothers are to inherit a one third share in the house each. The will has been through probate but the house has just been rented out but never divide up.

My Dad wishes to give me his share in the house as a gift. However I presume he needs to vest his share first. Otherwise it looks like the estate is gifting me a share in the house which has different CAT implications.

How long would it take my Dad to vest his one third share? What exactly is involved in vesting?

 

[Vanilla]

Not a big deal, it can all be done in one simultaneous transaction. Your dad will assent to the transmission of the property into his name ( his share), if he hasnt already done so, and then also execute a transfer/conveyance into your name. All can be registered in the one application.

On another note, probably not a great idea for three separate families to have a one third share, can foresee difficulties in the future.

 

[Vanilla]

error

 

[Stan Cronin]

Thanks for the reply, my Dad has instructed solicitor to start the process but have no idea how long this will take? Does all of this need to be registered with the land registry and does it not take as long as probate to execute?

 

[noproblem]

What's the hurry?