Probate a year later...

wwl

By "property in both our names" I think that just refers to whether it was registered in joint names at the Land Registry. Anything to do with the mortgage is a different thing.

getmore4less

If the property was his and you were just a gaurantor then the full value of the house may need to be included for IHT purposes even if is was a joint asset.

Ownership needs checking with the land registry as the mortgage is a separate joint liability(which will offset the value for IHT)

IHT and income tax should have been done looks like there is a bit of tidying up to do.

missbiggles1

mattmbr2005 wrote: »

Next problem!

I'm filling out the tax form to go with the probate form.

Section 9.1 asks me to list the value of any property that was jointly owned and the deceased person's share.

The house was in both our names (letters addressed to me and my dad) as I went onto the mortgage as a guarantor... when he passed away, as I was a guarantor and on the mortgage letters etc... they simply removed his name to put it in my name alone.

Did this make us join tenants? and therefore half the value should go into box 9.1 as my Father's share? It was never mentioned how much each of us owned by me becoming a guarantor....

Thanks, Help! (again!)

Matt

In your first post you said he didn't own any property!

mattmbr2005

Sorry, I meant any property solely in his name.

The land registry was also very straight forward at transferring into my sole name alone at the time... I'll try to double check to see if both names were on the registry before... Or if it was just my fathers.

If it was just my fathers.... Does that mean I should use the full value of the house in section 9.1? Despite the fact we had a joint mortgage on the property?

getmore4less

Chances are it would have been joint tenants if the LR changed it(presumably with the death certificate)

If you read the IHT notes, it does explain when a joint asset might need full value for IHT purposes.

mattmbr2005

Hi,

Yeah I pretty sure we were joint tenants... And the LR did just change it into my name alone on seeing a death certificate. I've just found the letter they sent me with a copy of the new register, with just my name on. And it does say 'no amendment to the title plan has been made'

So according to the notes, I have to divide the value by the number of joint tenants... So I assume I put half the value of the house into 9.2 on the tax form...

So what do I do about the joint mortgage? Do I put the remaining mortgage value, which I'm now carrying on paying just solely in my name (they took my fathers name off without question when he died) in a section on the tax form?

Sorry folks, you are all literally saving me right now!

Matt x

FreeBear

I'd suggest ringing the HMRC help line on 0300 123 1072 - This is a dedicated line for probate & inheritance tax issues so they should be able to answer all your questions.

getmore4less

mattmbr2005 wrote: »

Hi,

Yeah I pretty sure we were joint tenants... And the LR did just change it into my name alone on seeing a death certificate. I've just found the letter they sent me with a copy of the new register, with just my name on. And it does say 'no amendment to the title plan has been made'

So according to the notes, I have to divide the value by the number of joint tenants... So I assume I put half the value of the house into 9.2 on the tax form...

So what do I do about the joint mortgage? Do I put the remaining mortgage value, which I'm now carrying on paying just solely in my name (they took my fathers name off without question when he died) in a section on the tax form?

Sorry folks, you are all literally saving me right now!

Matt x

How much is 1/2 the house + the pension + other stuff going to be?

If well below the nil rate band it becomes an exercice to set the transferable nil rate band for the spouse.

mattmbr2005

Oh it's all well below that value...

No spouse as he was divorced from my mother and never enter into another relationship

getmore4less

Were you living in the house now or before, you may need the value details for CGT calculations when you dispose of the property.

You may want to investigate if you can use the full values as he was the real full beneficial owner or did you contribute to the place in any way.