How We Turned a Complex Estate Assent into a Smooth Success for Beneficiaries

The beneficiaries of an estate recently instructed us to assist with an assent of a property to them involving a transfer from the personal representatives of the person who had sadly passed away. This is how we helped.

Background: The Estate Assent Process and Property Transfer Upon Death

An “assent of property” refers to the legal process of transferring ownership of a property from a deceased person’s estate to their beneficiaries. This transfer is considered a gift from the estate, as the recipients do not pay for the property. If any payment is made, the transaction would be classified as a purchase or equity transfer rather than an assent.

The method by which a property is handled after the owner’s passing depends on how it was held, whether as a sole owner or jointly with others as either “joint tenants” or “tenants in common.” When held as tenants in common, the deceased’s share of the property is distributed based on the terms of their last will. In cases where no will exists, the intestacy rules determine the outcome.

We have a comprehensive article on joint ownership of property here.

The Importance of Wills and Probate in the Assent Process

A valid will plays a crucial role in estate distribution, including the transfer of property. Executors, appointed in the will, are responsible for ensuring that the property is transferred in accordance with the deceased’s wishes. A key part of their role involves applying for probate, which grants them legal authority to administer the estate.

Additionally, inheritance tax (IHT) must be considered, particularly if the estate exceeds the taxable threshold. Any tax liabilities must be settled before the property can be successfully assented.

How We Assisted in a Complex Assent Process

We were instructed by the beneficiaries of an estate to facilitate the assent of a registered freehold property that had been mortgaged by the deceased. The executors included both a close friend of the deceased and an appointed law firm.

Our first step was to gather all essential documentation, including a copy of the valid will, the grant of probate, and correspondence from the lender, who had imposed a strict repayment deadline for the mortgage.

It soon became evident that the beneficiaries faced challenges in dealing with the executors, particularly as the lender had been issuing letters without receiving responses. The beneficiaries were increasingly concerned that failure to address the lender’s demands could lead to repossession, ultimately removing the property from the estate. To prevent this, we took a proactive approach to bring all relevant parties together and ensure a smooth resolution.

Once we thoroughly reviewed the documentation, we engaged with the executors’ legal representatives to address outstanding matters and expedite the assent. Simultaneously, we informed the lender that we were now representing the beneficiaries and would soon request a redemption figure to facilitate mortgage repayment and remove the lender’s charge from the Land Registry.

Although we did not act on behalf of the executors, delays on their side in securing estate funding and responding to the lender posed additional challenges. We carefully managed our clients’ expectations while also liaising with the lender to secure an extension for mortgage redemption, preventing any immediate repossession action.

As the process progressed, we meticulously reviewed and amended the assent documentation, provided a detailed report on the property title, and ensured our clients were fully informed about any restrictions, charges, or indemnities affecting the property. We also guided them through the proper execution of the assent (AS1) form in compliance with Land Registry requirements.

A Successful Outcome

On completion day, we conducted final checks, including reviewing the redemption statement from the lender to confirm accuracy. Our client contributed funds to the estate to facilitate full mortgage repayment, ensuring a smooth conclusion. The necessary assent documentation was duly executed, and we submitted an application to the Land Registry for the property to be registered in our clients’ names.

What initially seemed like an insurmountable challenge, risking the loss of the property, was successfully resolved and our clients were thrilled to finally collect the keys to their new home.

How We Can Assist You

Navigating the probate process, including the assent of property, can be complex and overwhelming, particularly during an emotionally challenging time. Whether you are an executor or a beneficiary, obtaining expert legal guidance is crucial to safeguarding your interests.

Our dedicated property team is well-equipped to assist with all aspects of property-related estate administration. Additionally, we offer comprehensive support for wills, probate, and other private client matters.

If you require further details or wish to discuss your specific situation, please contact us at wewillhelp@jonathanlea.net. We are here to help.