Effects of death on the transfer of property

by Practical Law Property

A practice note that provides comprehensive guidance on the legal and practical issues arising from the death of a property co-owner. It explains the crucial differences between holding property as beneficial joint tenants and tenants in common, outlining the impact on the deceased's estate. This practice note details the process of overreaching beneficial interests, including when it is necessary to appoint a second trustee to ensure a buyer receives a valid receipt for capital money. It explores various complex scenarios such as the death of a buyer or seller between exchange and completion, the role of personal representatives (PRs), and when it might be appropriate to obtain a limited grant of representation. Furthermore, the guidance examines the rules for updating the Land Registry, the implications for existing mortgages under the Administration of Estates Act 1925 (AEA 1925), and issues concerning leasehold properties, providing essential insights for conveyancers navigating these challenging transactions.