When property
changes hands, it’s more often than not, transferred by way of a transfer deed (TR1 or TP1).
In certain circumstances however, when a property is to be transferred from a
deceased’s person’s estate to a beneficiary, the transfer instead tends to take
place using an assent (AS1).
What are the requirements for an assent?
1. The transfer must be of the whole property. If only part of the property, for example, 50% is to be transferred, then an assent would not be appropriate and instead a transfer deed would be required. This means that the person who died must have been the only or the last owner of the property.
2. The property must still be in the deceased person’s name. If the property has been transferred into the name of the executors or trustees an assent cannot be used.
3. The transfer of the property must not be in return for consideration. Consideration is money, goods, of anything else of value given in return for receiving the property. If for example, a beneficiary was entitled to inherit a property jointly with another and they bought the other out of the property, this would be consideration and an assent would not be appropriate.
If you would like to discuss assenting or transferring an estate property please contact Jasmin Barron on 01394 277 941 or at jasmin@fairstep.co.uk, alternatively fill out our contact form, and we would be happy to discuss your requirements in further detail.
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