probate and transfer of property

Land_Registry · 22 December 2016 at 9:38AM

Yorkshireman has covered it for you

Your 'share' is in the beneficial ownership and in some cases the tenants in common aspect plus any formal arrangements such as wills/trust deeds etc are there to protect that.

As explained you can't transfer it - it's the surviving registered owners who do that if that is what needs to be done

The 60K quoted is simply the maths figure we would use to calculate the registration fee. You said value is £180k so a third is £60k so a Transfer from 2 to 3 is assessed for fee purposes in that way. What your share is worth is completely separate so please don't confuse the two and do all get legal/financial advice to safeguard everyone's interests

Yorkshireman99 · 22 December 2016 at 12:48PM

Thanks for confirming that. You really do need a formal, paid for valuation, as at the date of death. This may be different from the probate value. This is needed to establish the true base value of your share for CGT purposes in future.

zailrand · 28 December 2016 at 12:50PM

Am I right in assuming that any CGT would be payable on a realized increase in value from valuation at date of death to date of sale? E.g. If valued at £180k total at date of death then sold for £210k the CG on my 2/3 share would be £20k so I'd pay CGT on £20k less the CGT allowance for the year - so on £8.9k at current rates?

Yorkshireman99 · 28 December 2016 at 1:33PM

zailrand wrote: »

Am I right in assuming that any CGT would be payable on a realized increase in value from valuation at date of death to date of sale? E.g. If valued at £180k total at date of death then sold for £210k the CG on my 2/3 share would be £20k so I'd pay CGT on £20k less the CGT allowance for the year - so on £8.9k at current rates?

If the Land Registry entry is just being dealt with there is no disposal for CGT purposes. If you are going to sell then any gain from the date of death would be liable to CGT. That is why it is crucial that an accurate value be established at the date of death using a professional valuer rather than estate agents figures. If the value for probate was incorrect then you can apply to have this altered. HMR&C will require proof of the value.hence the need to get it done professionally.