Saving Inheritance Tax with Discretionary Trust Wills

bootman

Jake's Gran I am interested in what you say about attaching a declaration to the deeds. What exactly do you have to do and say?

Thanks

elliebean_2

Jake'sGran wrote:

With regard to having the house owned as Tenants in Common, we did this by making the appropriate declarations and cross-signing them both and attaching them to the deeds. This did not cost anything and I am a bit surprised that more people are not made aware of it. It is not necessary to buy a form from the Land Registry.

It is still advisable to notify the Land Registry of this restriction, on an RX1 form. You don't have to pay for this form - you can download it from the LR website - but you do need to know how to fill it in correctly.

Tiggs_2

Jake'sGran wrote:

Does your company charge £600 just for the financial advice and then there is a solicitor's fee on top of that?

We charge £585 for the lot - thats the advice (2...maybe 3 meetings sometimes), the wills and all the land registry forms/TIC stuff dealt with.


Its hard to compare with a solicitor though as they bill for profit - we do Wills to get other business so see them as a loss leader. Still have loads of clients that benifit from it though...and every now and then one will also invest some money and it makes it worth while for us.

The benifit of using a financial adviser that knows his Will planning is that he is able to advise on the whole deal - problem with a solicitor is that (most) cant give financial advice.

Problem with using a financial adviser is that lots are not so clever and have jumped on the IHT bandwagon.

Lifes never simple!

wee-pat

Tiggs

I downloaded RX 1 form and instructions from the Land Registry website filled it in
And sent in with signed forms to say we both agree to Severing our Joint Tenancy
To Tenants in Common, and was informed that the property was not registered and we have lived here for 50 years.
I have tried to get some one to do the conveyance for me but have been able to as they have too much work on.
I have checked the Land Registry site and it is possible to do this yourself as a voluntary registration but when I read all the details how to do it like having to go in person to a Land Registry Office with a form ID3 to prove who you are before you can register the property and the nearest office is 60 miles away its not as simple as
a phone call and sending in a form.
But I must say the Land Registry web site is very informative even showing how to fill in forms.
If Jake’s Gran is correct I don’t need to register the property unless it is sold.
Do you know if this is correct?

Jake'sGran

bootman wrote:

Jake's Gran I am interested in what you say about attaching a declaration to the deeds. What exactly do you have to do and say?

Thanks

Hello Bootman, below is a copy of the declarations we made. My husband's name and signature was inserted in the top half and mine in the bottom bit. I then did a similar declaration with him signing the bottom section. Hope this is clear. We did both declarations in duplicate and sent them to the solicitor holding the deeds. I sent emails to the Land Registry telling them about this but obtained no response. Then I telephoned them and the man I spoke too didn't seem too sure but suggested that it was satisfactory if our house was built prior to legislation requiring houses to be registered (it was built around 1965 so I think he may be wrong about that). However, yesterday a solicitor told me the declarations we made and had attached to the deeds are satisfactory. Hope this helps.




DATE;

RE: FULL ADDRESS


FROM TODAY’S DATE, I, ............., HEREBY GIVE YOU NOTICE THAT THE JOINT TENANCY WHICH IS ENJOYED BY OURSELVES IS NOW SEVERED AND WILL HENCEFORTH BE HELD AS TENANTS IN COMMON.


DATE……………………………………………


SIGNED………………………………………




I, ................, HEREBY ACKNOWLEDGE RECEIPT OF A NOTICE OF WHICH THIS IS A DUPLICATE.


DATE………………………………………………


SIGNED…………………………………………

Jake'sGran

Tiggs wrote:

We charge £585 for the lot - thats the advice (2...maybe 3 meetings sometimes), the wills and all the land registry forms/TIC stuff dealt with.



The benifit of using a financial adviser that knows his Will planning is that he is able to advise on the whole deal - problem with a solicitor is that (most) cant give financial advice.

Problem with using a financial adviser is that lots are not so clever and have jumped on the IHT bandwagon.

Lifes never simple!

So, the upshot is, I need a local FA who really knows his stuff with regard to Will planning. I imagine word of mouth is the best way of finding one of these unless, when I look in yellow pages it becomes obvious which are suitable. I suppose the solicitor who quoted £500 plus VAT in July and said it would cover Wills for both of must have the necessary expertise.

wee-pat

Bootman
Check this website

https://www.tenminutewill.co.uk