inheriting a house at what point do you become legal owner

booksurr

le_loup wrote: »

Why are all your posts nonsense?

newbie building up to the post count required before they can post links and other spam

xylophone

Op states that family member c) is himself, we know an aunt is around, but who is the third person and how does that tally with OP now claiming to own 50%

https://forums.moneysavingexpert.com/discussion/comment/65697169#Comment_65697169

The original situation seems to have been

There are four relations that could inherit a portion of the property
relations (a) (b) (c) and (d)

relations (a) and (b) have said they have no interest on the property and happy for (c) and (d) to take ownership.
They are happy to put in writing they no longer have an interest in the assets (property) of deceased uncle (z) this could be done with a solicitor.

homeraway

ok thanks for all your interest, my apologies for not providing the detail needed, was hoping it was a simple response to CGT :-)

but also realise that the situation I am working to resolve, is also quite complicated to say the least.

I am hoping to resolve as much of this as I can which has included understanding the land registry requirements which I am now all ok with, as

will be looking to a deed of variation at some point but recognise this will have no CGT benefits as its past the 2 year since death, but will clarify who is giving up what portions of the property but under intestacy I guess will establish who has to pay CGT and it's that bit that I am looking to establish how the CGT would be calculated.
particularly if I now have this property as my main residence.


situation in more detail

this is for property and persons in England

uncle dies in 2003, due to family not being interested or not wanting to rock the boat for some reason, nothing has been done about any of this until I decided to sort it out, hmmmmm I do enjoy a challenge.

uncle was owner of house, no one looked hard for the deeds but I was successful some 12 or so months ago to locate them (no mortgage on property) so were archived with local solicitor.

uncle had
sister (a) deceased before 2003 - my mother (my father died before this date too)
sister (b) deceased 2007 - daughter still alive
sister (c) still alive no children or spouse
brother (d) deceased before 2003 no children or spouse
brother (e) deceased after 2003 spouse still alive

sister (c) wants to give/gift her portion to daughter of sister (b)

spouse of brother (e) will transfer/gift her portion to me

so house will be in my name and daughter of sister (b) niece of deceased.

no will so intestacy applies.

recent grant of probate applied for (by me, as in, I assisted in filling in paperwork) but with sister (c) as administrator.

probate applied for and granted sister (c) acting as administrator.

well, hopefully over to you guys for some guidance on here.

looking at this as I type, is it assumed that as brother (d) died before uncle in 2003 and had no spouse or children he would not under intestacy, feature in any of this.?

Tuesday_Tenor

homeraway wrote: »

uncle had
sister (a) deceased before 2003 - my mother (my father died before this date too)
sister (b) deceased 2007 - daughter still alive
sister (c) still alive no children or spouse
brother (d) deceased before 2003 no children or spouse
brother (e) deceased after 2003 spouse still alive

sister (c) wants to give/gift her portion to daughter of sister (b)

spouse of brother (e) will transfer/gift her portion to me

so house will be in my name and daughter of sister (b) niece of deceased.

no will so intestacy applies.
?

You're doing a great job helping to sort this out.
There's still some confusion though.

The three who inherit the property , equally, are
Sister(c)
Daughter (b1) of deceased sister (b)
Child (a1) of deceased sister (a). [you]

Spouse of deceased brother (e) doesn't figure in this at all.
Intestacy laws pass inheritances to children of deceased beneficiary but not to spouses.

So if the aim is for a1 and b1 to own house equally, then (c) needs to gift her share split equally to a1 and b1.

You really will need legal assistance at some point to make sure that, in the complexities/delay of the case nothing gets overlooked or further confused.

Tuesday_Tenor

Before giving away her share of the property (c) needs to consider whether she has sufficient other assets to cover any future care needs.

Research 'deprivation of assets'.
If (c) needs residential care and, due to lack of funds, the council has to pay, they will check her asset history. If it looks as though she got rid of assets to avoid paying care home fees, they will disregard the gift and assess her as though she still had the assets.

Maybe (c) has other assets. Maybe you would care for (c) at home as long as possible, so care home fees wouldn't be relevant or would be minimised. Not everyone ever needs residential care at all. However, something (c) needs to have considered.

homeraway

hi again

Tuesday Tenor - ha! yeah actually enjoying sorting all this out and beginning to understand the whole thing. Yes happy and fully understand that some solicitor input will be needed but prefer to go into this with the knowledge needed and then can confidently enrole others for final paperwork. - much appreciate your comments

Yes have considered the care requirements of (c) and that will be factored into our decisions.

Now to establish my original question as to working out when and to whom the CGT is calculated.