Tenants in Common orJoint Tenacy

Mojisola

74jax wrote: »

As it stands we are in the middle of registering it in our names, for us to either then transfer all to mum's name or sell and give mum our money from our half for care.

It would be much easier to do a deed of variation of the will so that your mother inherited it all.

74jax

Mojisola wrote: »

It would be much easier to do a deed of variation of the will so that your mother inherited it all.

We were told as it had been sent to land registry we couldn't then do this.... Blooming nightmare really, but small world problems in the grand scheme of things..... I think it's just as its so close to dad dying, otherwise we wouldn't really see it as a problem...

getmore4less

Have you got contingency for the mum goes under a bus scenario.

I don't think it makes much difference in the amount of work if the estate goes to probate anyway, why go through two changes at the land reg when one will do?

Land_Registry

Can't make any comment on the IHT/probate aspects, nor on whether changing the tenancy in common to a joint tenancy is the right thing to do in the circs, and we'd always recommend taking legal advice so that all of the ramifications are properly understood, but in case this may be useful here's a link to our published guidance on how to apply to us to note the change on the register if you decide to proceed: https://www.gov.uk/joint-property-ownership/change-from-tenants-in-common-to-joint-tenants

susancs

Sadly both my uncle and my father passed away during 2015. As everything was in joint names in my parents case it was a simple matter of filling in a short form (and no fee payable) with a copy of the death cert and posting it to the Land Registry to get the houses they owned into Mums sole name, same with bank accounts, utilities, private pension, shares, car with the DVLA. Within a month everything was all in Mums sole name. I must admit I thought we had to go through probate and it was only upon ringing the very helpful probate court helpline that they told us that there was no need to go through probate.

Aunty on the other hand is still going through probate some seven months later, and has a high solictors bill running into thousands of pounds, as despite being married for 50 years, everything was not in joint names and they had named solicitors as the executors. My parents estate is actually larger than my aunts and uncles, both had no debts owing. In both cases a will had been made to leave the surving spouse everything, but the will was not needed in mums case, as due to everything being in joint names as the surviving spouse it just became hers, she just had to fill in a few forms and send off the death certificate ( we had been advised by family to get 10 copies at the tme of registering and despite the registrar saying it was a lot as most places required a copy only, they were all required....it was £4 at the time and £10 a copy after that date).

getmore4less

One issue with a no IHT capital return adminstration for an estate is the transferble nill rate band. A
As long as there were no PETs outstanding or gifts with reservation then it would be 100% but if there are estabishing the % could get difficult years later.

Even if a grant is not needed(joint names) if there is anything that could adjust the transferable nil rate band down do a full set of accounts anyway as this could be needed on second death.
(if the asset base is or could go over a single nil rate nad cuurently £325k, and may aslo be usefull for the new house based nil rate band but not looked into that)

BobQ

I agree about getting legal advice before making such a change but clearly the use of TIC was based on legal advice and that should have depended on what they said to the solicitor at that time.

One thought is that TIC provided some flexibility in the future without risking any claims for Deprivation Assets. So, for example, the current arrangements have the same affect as JT. But suppose one of your parents was becoming frail at the same time that the other had a terminal condition. It would have been easy for that parent to change their will and leave their half to their children without any risk of being accused of DoA. Just a theory, but people do strange things........