Tenants-in common and property deeds
Options
Creative_One
Posts: 3 Newbie
My father-in-law recently died and in his Will he left his share of his house equally to his son and daughter as tenants-in-common. The other half of the house remains with his spouse. On checking with the Land Registry he made the tenants-in-common agreement in 2009 when the property was Leasehold. In 2011 he bought the Freehold to the property but the deeds did not take into account the tenants-in-common agreement and the deeds of the house now show the property in joint ownership with his wife. This means all of the property will go to his wife. This is clearly an oversight by the Solicitors who arranged the Freehold purchase. Does anyone know if my father-in-law's Will overrides the deeds of the property?
0
Comments
-
continuation of their other thread
http://forums.moneysavingexpert.com/showthread.php?p=72194141#post72194141Ex forum ambassador
Long term forum member0 -
Creative_One wrote: »My father-in-law recently died and in his Will he left his share of his house equally to his son and daughter as tenants-in-common. The other half of the house remains with his spouse. On checking with the Land Registry he made the tenants-in-common agreement in 2009 when the property was Leasehold. In 2011 he bought the Freehold to the property but the deeds did not take into account the tenants-in-common agreement and the deeds of the house now show the property in joint ownership with his wife. This means all of the property will go to his wife. This is clearly an oversight by the Solicitors who arranged the Freehold purchase. Does anyone know if my father-in-law's Will overrides the deeds of the property?0
-
A DOV is pointless. The house, or a share of, doesn't form part of the deceased estate so nothing to vary0
-
Of course! I will get my brain in gear. Thanks for correcting me.0
-
Anyone can do a DOV any time it just documents a gift, issue is it has no benefit for TAX and CGT that death based DOV can have.
As it happens, IF there was a life interest to the spouse and the spouse planed to gift her share the same split, it makes little difference long term other than the asset does not get protected from care fees.
the first thing to check is if the lease and freehold were combined into a single title. if not there could still be a tenants in common lease.
Also a DOV is NOT a change of a will it is change by a beneficiary of anything they end up owning.
AIUI the spouse can sever the joint tenancy and gift the share and get the tax benefits.
http://www.legislation.gov.uk/ukpga/1984/51/section/142
the survivorship falls into the otherwise component of section of 142(1a)0 -
https://www.taxation.co.uk/articles/2001/11/08/1421/replies-queries-4-post-death-planning explains that quite well.
Assuming spouse wants to do a DOV0
This discussion has been closed.
Categories
- All Categories
- 343.7K Banking & Borrowing
- 250.3K Reduce Debt & Boost Income
- 450K Spending & Discounts
- 235.9K Work, Benefits & Business
- 609K Mortgages, Homes & Bills
- 173.4K Life & Family
- 248.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards