Transferring property upon the death of an owner
What happens to my property when I die?
It is often said that nothing is certain in life except death and taxes. Whilst we may not wish to think about it, we will all die. Our Head of Property, Mark Laird, explains what happens to a property after the owner dies.
Inheriting property by will or intestacy
Normally, a person’s property will be transferred to the beneficiary named in their will. If the owner of a property has not made a will, the Rules of Intestacy will apply and dictate who ownership of the property will pass to.
Once it has been established who ownership of the property will pass to, it will be necessary to prepare a Transfer Deed or Deed of Assent to formally transfer legal ownership of the property to the beneficiary.
Death of a sole owner
If the owner of the property left a will, the executors will obtain a Grant of Probate which empowers them to either sell the property or transfer ownership to the beneficiary named in the will. If there is no will the owner’s next of kin can apply for Letters of Administration authorizing them to seller or transfer ownership as per the Rules of Intestacy.
Death of a co-owner
If a property is jointly owned, what happens next will be determined by how the co-owners owned the property. Property can be co-owned as Joint Tenants or Tenants in Common. Joint Tenants each own the whole property. Tenants in Common own individual shares in the property.
Joint tenants
If a property is owned as joint tenants each owner has an equal right to the property as a whole. As such, when one owner dies the surviving owner automatically becomes the sole owner of the whole property.
Tenants in common
Tenants in Common own individual shares in the property. The owners may hold equal shares or differing shares. When one co-owner dies their share of the property will either be left to the beneficiary named in their will, or if there is no will, the property will pass according to the Rules of Intestacy. Legal ownership does not pass automatically, and it will be necessary to obtain either a Grant of Probate or Letters of Administration before ownership can be transferred.
If the property is to be sold by the surviving owner, it will normally be possible to appoint a co-trustee to allow the sale to proceed, before the Grant of Probate or Letters of Administration is granted.
Residential property & conveyancing team
Each of our specialist property lawyers have decades of experience in assisting with the transfer of a property following the death or a friend or family member. To enquire about our residential property and conveyancing services please call us on 033 3344 9600 or simply email [email protected] with your request.
Author: Mark Laird, property.
