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Quick Q re Probate for Tenants in Common
bernice_31
Posts: 21 Forumite
My dad died a couple of weeks ago and we have luckily had an offer on his house.
The house was held as tenants in common (mum and Dad lived separately but still married) - do I fill out the IHT205 based on the value of the whole house, or just Dad's 'half'?
The house was held as tenants in common (mum and Dad lived separately but still married) - do I fill out the IHT205 based on the value of the whole house, or just Dad's 'half'?
Any help is always gratefully received.
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Comments
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Who currently owns the other part of the house?bernice_31 wrote: »My dad died a couple of weeks ago and we have luckily had an offer on his house.
The house was held as tenants in common (mum and Dad lived separately but still married) - do I fill out the IHT205 based on the value of the whole house, or just Dad's 'half'?0 -
bernice_31 wrote: »My dad died a couple of weeks ago and we have luckily had an offer on his house.
The house was held as tenants in common (mum and Dad lived separately but still married) - do I fill out the IHT205 based on the value of the whole house, or just Dad's 'half'?
On the IHT 205 put your estimate of the value of Dad's share (half?). But when you describe the Asset state the full market value of it.
It is explained in the IHT 205 Guidance.
If the value of Dad's estate (with his share of the of property) is above the IHT threshold you will have to complete the IHT400 forms. But it will depend on whether any of your Dad's share passes to your mother or someone else.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
The value will depend on the ownership shares, typically 50:50. unless there has been a declaration/change of beneficial ownership.
The key bit will be who is inheriting that share as if not the spouse then it is not IHT exempt and affects the transferable nil rate band.
Are the potential purchasers aware this is a probate property and will need the grant to complete?
You obviously need the other owner involved in the sale.0
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