best way to deal with second peoperty

getmore4less

The risks of messing this up are there but relatively low

The solicitor may have just not bothered explaining all the options as it is likely there is an obvious single route to get to where you want to be.

if you break it down into steps

Primary consideration is the intestate distribution that seems to be sorted and understood.
as long as there is enough to distribute the 1/2 share over £250k to you and your siblings I don't believe there is an issue with your mum taking the property as part of her share.

next is where do you want to end up.

mum living in one house and you in the other seems to be the goal.

I suspect that the solicitor has concluded the best option is the straight gift of the house to you with the 7y PET.
In practice a DOV has no benefit without one, mum retains the maximum transferable nil rate band that will cover the gift anyway.
(gift at date of gift not some future value)

You could(should) ask the solicitor what an why they think is best given the new information you have on potential options.

A general rule with straight gifts is that they rarely make a person IHT situation worse.

As you plan to be the owner and occupier of the property then you being the owner from the start is probably the best option so it is just deciding how that happens.

the solicitor can tell you if the property needs to be registered in your mums name first, I don't think the land registry cares they take instructions from the estate administrator "the property is now owned by XXX" and can register it at the same time.

[Deleted User]

Sorted thanks

getmore4less

There is no CGT on estates.

The value at DOD is used from that date for any future CGT liabilities.

[Deleted User]

getmore4less wrote: »

There is no CGT on estates.

The value at DOD is used from that date for any future CGT liabilities.

Thank you once again

[Deleted User]

Sorted thanks

getmore4less

how is anyone supposed to know that?

sell, holiday home, home for the kids, home the grandkids, gift to charity, gift to sibling, rental, demolish and build something new...

Yorkshireman99

[quote=[Deleted User];71547242]So now what's my best options as far as my current property goes once I've taken owner ship of the other property via gift or what ever route the solicitor thinks necessary...... It's mortgaged but only a tiny bit left to pay and we have money sitting in an offset account along side it which is currently giving us 0% interest rate so we can leave it interest free or pay it off at any time.[/QUOTE]
Sorry to b blunt but without the full detailed facts nobody on here can really help. All parties need to get separate paid for professional advice. Not to do so would be plain foolish.

[Deleted User]

Sorted thanks

getmore4less

till no idea

Yorkshireman99

I refer the honourable gentleman to post 38. Not trying to be difficult but the answer is the same.