I think I've messed up by letting things slide!

Lost_Marbles

Not sure if this is the right forum

I think I've got myself in a right mess.

A few years ago I inherited a property that initially I was going to sell, but for various reasons including a breakdown the deeds never actually got transferred into my name. I'm the executor. I moved in a couple of years ago so its now my main residence. Transferring it into my name completely slipped my mind. Is there a time limit on this, and how much is it going to cost me?

Where it gets complicated is that I part-own another property with my husband. We are separated & he still lives there. Again, it has not been transferred into his name, mostly because he can't afford to buy me out. So would this be counted as my second home?

What would happen if I sold my current house and moved back into the joint matrimonial home? I need to persuade him it needs to be sold and help him to clean it up & make it more attractive to buyers. That's assuming I don't murder him first :rotfl:

davidmcn

Lost_Marbles wrote: »

A few years ago I inherited a property that initially I was going to sell, but for various reasons including a breakdown the deeds never actually got transferred into my name. I'm the executor. I moved in a couple of years ago so its now my main residence. Transferring it into my name completely slipped my mind. Is there a time limit on this, and how much is it going to cost me?

Did you deal with probate at the time? If so then no time limit or bad consequences, you can register your title whenever you want.

Where it gets complicated is that I part-own another property with my husband. We are separated & he still lives there. Again, it has not been transferred into his name, mostly because he can't afford to buy me out. So would this be counted as my second home?

For what purposes? If you mean Capital Gains Tax then yes, it stopped being your principal residence when you moved out.

What would happen if I sold my current house and moved back into the joint matrimonial home?

Depends what sort of advice you're wanting on this!

Lost_Marbles

Yes, I was thinking primarily about the CGT

If I move back into the former matrimonial home that would then become my main residence. So I wouldn't have to pay CGT on my share when its eventually sold?
(Wonders if I can survive 6 months under the same roof to save a few £K in tax)

If I don't move back in, then I understand the CGT is payable on (my half share of) the difference in value between the net sale price & its value when I moved out. We didn't get a proper valuation at the time, just 2 opinions from Estate Agents. I'm not even sure there is any paperwork for this. Would this lack of a proper valuation cause problems?

TBagpuss

transferring the property into your name should not be a problem, it's sensible to do it as part of the probabte but it is not uncommon for it not to get done until someone realises that they want to sell or remortgage and they can't!

Regarding the former family home, you may have some CGT liability. http://www.uktaxcalculators.co.uk/capital-gains-tax-calculator.php can be quite helpful to get a rough idea of the likely liability, but do double check with an accountact or tax advisor.

I belivethat the last 18 months of ownership of the FMH are exempot so the gain would be the gain between you leaving, and 18 befor ethe property is sold or transferred.
Not havign a valuation is not fatal - if HMRC quesried your fuigures you'd need to be able to justify them. If your house is fiarly standard then looking at sold prices on Rightmove and Zoopla would be helpful, if not then you might need to ask a surveyor or valuer to look at the house now and work out the likely value at previous dates.