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Inherating a % of a property !!
Vickycopp
Posts: 2 Newbie
My mam and dad divorced in september and the marital home is up for sale 60/40 to mam then Dad !
On Dec 5th my dad died and his 40% will be split between me and my sister 20/20 !!
My quesiont is should this be registered with the ladn registry and will we pay a tax on our 20% when its sold as both me and my sister have our own homes at present ?!!
Any help would be appreciated !
On Dec 5th my dad died and his 40% will be split between me and my sister 20/20 !!
My quesiont is should this be registered with the ladn registry and will we pay a tax on our 20% when its sold as both me and my sister have our own homes at present ?!!
Any help would be appreciated !
0
Comments
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If it's up for sale it may be better for it to be sold from the estate than registering it to include your names. You personally won't pay any tax that way.
If it were to be reregistered then you will be liable to capital gains tax when it's sold - though bear in mind there may not be a capital gain and that you have an annual exempt allowance anyway. The tax would be calculated using the difference between probate value and selling price - not the whole 20%.0 -
Is the house freehold? Is there any outstanding mortgage on it? If so, all new owners will have to be named on the mortgage if you mother does not want to assume responsibility for your late father's share.Hoping this year is better than the last.
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Is the house freehold? Is there any outstanding mortgage on it? If so, all new owners will have to be named on the mortgage if you mother does not want to assume responsibility for your late father's share.
If the house is being sold this is irrelevant.
CGT is only payable on the increase in value between the probate value and the sale value, which hopefully will not be too much, if anything.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
There is no outstanding mortgage the house is paid for....and we are thinking of reducing the price therefore the sale Value would be less than the the Value when he died !!0
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Just a quick question...did your parents own the property as joint tenants or tenants in common? If they owned it as joint tenants I *believe* that your mum will inherit the whole property now0
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Just a suggestion but just so that value is not lost on the house being reduced a lot to sell it and is indeed 40% yours and your siblings, would mum not like to live in the marital home and pay you two 40% of the rental value,make the most of it, we are only here for the weekend.
and we will never, ever return.0
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