Assent & then separateTransfer or just a direct Assent needed?

zoot69

Widowed parent dies and leaves house to the only 2 children of the (sole) marriage (A+B).
The property is registered and in the sole name of deceased with no mortgage.

Both beneficiaries (they are adults) are also named as the only executors. One party (B) reserves executor powers for practical reasons.

A completes Probate (no solicitor) & gets the Grant. No IHT is payable on the estate.

A wants to buy B's half of the property and B agrees a mutually acceptable amount of money.

B, who lives abroad is naturally wary of any tax implications of a six figure sum of money arriving in his bank account from UK.
Additionally A, for a number of reasons, wants the house to be in joint names with spouse.

Which is the better (more transparent)?:
for A, as executor to make an Assent (AS1) initially i.e. from the deceased to the two beneficiaries named in the Will and then complete a subsequent Transfer (TP1) so as to add A's spouse (in place of from the title "deeds" (given the payment of the agreed consideration).

OR: for an Assent to be completed by the sole executor (A) direct from the deceased to A & spouse having paid B the agreed sum (is some sort of contract ,signed by B, necessary?)

Might the former method (Assent & separate Transfer) have some advantage in terms of showing where B's funds came from if the tax authorities abroad asked with a view to levying some sort of tax on the funds received?

Who would need to complete an ID1 form (in both scenarios)?

Thanks for reading.

getmore4less

Check the tax situation on an inheritance in the foriegn land and the selling of an asset there may be differences.

Usualy the easiest is the one that wants the property buys it off the estate and the estate pays out the funds especialy where a mortgage is needed.

Depending on the consideration there may be SDLT to pay.

If there is a difference in the amount due and the agreed amount there may be a gift element to consider.

zoot69

thanks gm4less..
I spoke to HMRC last week about SDLT. I have to complete the relevant form (which has been ordered as you cannot just download it) even though the consideration involved in "buying out" B's share is below the SDLT threshold.

At the risk of being seen as a bit cheeky any chance the Land Registry rep who commented on this (similar) recent thread could give me some advice..

That thread's title is "Change of name on deeds- Help from Land Registry rep please". It started on 23rd August 2015. I cannot post a link to it as I am only newly registered.

it would be much appreciated.

Savvy_Sue

Is it this one over on house buying?

zoot69

thanks for the post Savvy_Sue..yep that's the one..I posted a question to the OP on it yesterday.