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  • FIRST POST
    • Mary Hopkins
    • By Mary Hopkins 14th Mar 17, 1:03 PM
    • 1Posts
    • 0Thanks
    Mary Hopkins
    Property Transfer
    • #1
    • 14th Mar 17, 1:03 PM
    Property Transfer 14th Mar 17 at 1:03 PM
    Hi,
    Does anyone know if there is a time restriction on registering part of a property with Land Registry?
    My son has inherited half of our house but we are clearing the mortage before registering. My husband died last September, probate is complete and we will probably be ready to do the transfer in August 2017

    Thanks
Page 1
    • G_M
    • By G_M 14th Mar 17, 2:30 PM
    • 40,500 Posts
    • 46,332 Thanks
    G_M
    • #2
    • 14th Mar 17, 2:30 PM
    • #2
    • 14th Mar 17, 2:30 PM
    No. But be aware of Capital Gains Tax.

    If the property has increased in value between

    a) the date of death and value provided for Probate and Inheritance Tax, and

    b) the date of the transfer and market value on that date

    then CGT may be due. The Executers should declare & pay this on behalf of the Estate.

    Be aware also that if your son does not live there, then he also may have to pay CGT if/when the property is sold.
  • Land Registry
    • #3
    • 15th Mar 17, 8:00 AM
    • #3
    • 15th Mar 17, 8:00 AM
    Mary Hopkins - as G_M has posted there is no time restriction re such matters as your son has in effect inherited a share in the beneficial ownership.

    If you and your late husband were joint registered owners than the legal ownership and that is to be transferred then that can be done at any stage by you transferring the whole of the legal title to yourself and him. The guidance explains how to do this and you would also need to lodge an official copy of your late husband's death certificate
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