Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ceb1995
    • By ceb1995 2nd Jan 18, 6:38 PM
    • 187Posts
    • 343Thanks
    ceb1995
    Got proceeds from grandparents estate after house was sold, am I still ftb?
    • #1
    • 2nd Jan 18, 6:38 PM
    Got proceeds from grandparents estate after house was sold, am I still ftb? 2nd Jan 18 at 6:38 PM
    We re in the middle of purchasing our first house and just had the stamp relief forms from our solicitors but it's worded as interest in a property, I ve never owned a property but got a fifth of my grandparents estate after their house was sold?
    Going to email solicitors to be sure but now I m worried if I can claim the relief after all.
    Make £2018 in 2018 challenge
    £22.09 /2018
    2018 Grocery Challenge:
    £99.31 /2220
Page 1
    • AnotherJoe
    • By AnotherJoe 2nd Jan 18, 6:54 PM
    • 7,919 Posts
    • 8,512 Thanks
    AnotherJoe
    • #2
    • 2nd Jan 18, 6:54 PM
    • #2
    • 2nd Jan 18, 6:54 PM
    If you never owned the house then you are a FTB. I’m presuming the executors sold it and gave you the proceeds rather than change the land registry details to your name and then sell it !
    • 00ec25
    • By 00ec25 2nd Jan 18, 7:09 PM
    • 5,800 Posts
    • 5,253 Thanks
    00ec25
    • #3
    • 2nd Jan 18, 7:09 PM
    • #3
    • 2nd Jan 18, 7:09 PM
    Q12. Can I claim relief if I have inherited a dwelling and am using the sale proceeds to purchase a home?
    A12. No, if the inheritance resulted in you acquiring a freehold or leasehold interest then you cannot claim first time buyers’ relief.

    https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note

    a) what that means is did the will specifically leave a property to your name and moreover did the executors transfer its ownership into your name before it was sold?

    or

    b ) did the will say that you inherit x% of the value of the estate including any property?

    if a) but the executors sold the property and gave you the money instead then you have never acquired a "major interest" and remain a FTB

    if b) you are still a FTB
    • ceb1995
    • By ceb1995 2nd Jan 18, 7:29 PM
    • 187 Posts
    • 343 Thanks
    ceb1995
    • #4
    • 2nd Jan 18, 7:29 PM
    • #4
    • 2nd Jan 18, 7:29 PM
    If you never owned the house then you are a FTB. I’m presuming the executors sold it and gave you the proceeds rather than change the land registry details to your name and then sell it !
    Originally posted by AnotherJoe
    Definitely never owned it, my uncle the executor sold it then disrupted the proceeds as mentioned in their will.
    Make £2018 in 2018 challenge
    £22.09 /2018
    2018 Grocery Challenge:
    £99.31 /2220
    • ceb1995
    • By ceb1995 2nd Jan 18, 7:31 PM
    • 187 Posts
    • 343 Thanks
    ceb1995
    • #5
    • 2nd Jan 18, 7:31 PM
    • #5
    • 2nd Jan 18, 7:31 PM
    Q12. Can I claim relief if I have inherited a dwelling and am using the sale proceeds to purchase a home?
    A12. No, if the inheritance resulted in you acquiring a freehold or leasehold interest then you cannot claim first time buyers’ relief.

    https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note

    a) what that means is did the will specifically leave a property to your name and moreover did the executors transfer its ownership into your name before it was sold?

    or

    b ) did the will say that you inherit x% of the value of the estate including any property?

    if a) but the executors sold the property and gave you the money instead then you have never acquired a "major interest" and remain a FTB

    if b) you are still a FTB
    Originally posted by 00ec25
    The will was written as a value of the estate, there wasn't any transfer of ownership at all.
    I guess i've been worrying over many little things with buying our first property, as it almost feels too good to be true at my age.
    Make £2018 in 2018 challenge
    £22.09 /2018
    2018 Grocery Challenge:
    £99.31 /2220
    • G_M
    • By G_M 2nd Jan 18, 7:32 PM
    • 42,811 Posts
    • 50,048 Thanks
    G_M
    • #6
    • 2nd Jan 18, 7:32 PM
    • #6
    • 2nd Jan 18, 7:32 PM
    Definitely never owned it, my uncle the executor sold it then disrupted the proceeds as mentioned in their will.
    Originally posted by ceb1995
    It is illegal to disrupt proceeds of a probate sale - the Executer has strict responsibilities.
    • AnotherJoe
    • By AnotherJoe 2nd Jan 18, 8:05 PM
    • 7,919 Posts
    • 8,512 Thanks
    AnotherJoe
    • #7
    • 2nd Jan 18, 8:05 PM
    • #7
    • 2nd Jan 18, 8:05 PM
    Not if the will says the proceeds should be disrupted though GM, then they are just following instructions.
    • ceb1995
    • By ceb1995 2nd Jan 18, 8:36 PM
    • 187 Posts
    • 343 Thanks
    ceb1995
    • #8
    • 2nd Jan 18, 8:36 PM
    • #8
    • 2nd Jan 18, 8:36 PM
    It is illegal to disrupt proceeds of a probate sale - the Executer has strict responsibilities.
    Originally posted by G_M
    Sorry, I meant distributed. Normally my dyslexia doesn't cause such horrendous homophones mix ups but it's been one of those days at work today.
    Make £2018 in 2018 challenge
    £22.09 /2018
    2018 Grocery Challenge:
    £99.31 /2220
    • AnotherJoe
    • By AnotherJoe 3rd Jan 18, 9:47 AM
    • 7,919 Posts
    • 8,512 Thanks
    AnotherJoe
    • #9
    • 3rd Jan 18, 9:47 AM
    • #9
    • 3rd Jan 18, 9:47 AM
    No worries we were just having a little fun, these typos happen all the time.
    • G_M
    • By G_M 4th Jan 18, 9:16 PM
    • 42,811 Posts
    • 50,048 Thanks
    G_M
    There's nothing 'horrendous' about homophones - they are entitled to their opinions so long as they don't cause offence or discriminate.
    • tealady
    • By tealady 5th Jan 18, 7:30 AM
    • 2,751 Posts
    • 3,269 Thanks
    tealady
    G_M your sense of humour has brightened my day! Thanks.
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

261Posts Today

2,330Users online

Martin's Twitter