Are family homes an anachronism?

GreatApe

economic wrote: »

thanks i didnt know that.

firstly I am no financial planner so everything i say here is just second hand web info but from what I understand all of the persons receiving from the estate must agree to the change of the inheritor for it to work

So lets say your parents parents leave 3 houses, one to your parents one to another kid and one to a cats home. If your parents wanted the house to go directly to you rather than them then all the receivers need to agree to this your parents the other kid and the cats home. If they do then effectively the will changes so one of the homes goes to you and does not touch your parents assets/estates

if that were the case and the property is passed onto me, would i have to pay the 3% additional stamp seeing as i own a property already?

I'm not sure, I assume if the property is mortgage free and you inherit it then the consideration paid for the property is £0 so the stamp duty would be based on this £0 and hence nil ??

How do things work if there is a mortgage on the property? Does it have to be cleared first? If not then it might be stamp duty based on the mortgage sum?

p00hsticks

GreatApe wrote: »

firstly I am no financial planner so everything i say here is just second hand web info but from what I understand all of the persons receiving from the estate must agree to the change of the inheritor for it to work

So lets say your parents parents leave 3 houses, one to your parents one to another kid and one to a cats home. If your parents wanted the house to go directly to you rather than them then all the receivers need to agree to this your parents the other kid and the cats home. If they do then effectively the will changes so one of the homes goes to you and does not touch your parents assets/estates

That's not true - only those left worse off by the change need to agree to the variation. In the example you quote, only your parents would need to agree to the change as they are the ones losing out. The 'other kid' and cats home are unaffected and their agreement is not required.

https://www.gov.uk/alter-a-will-after-a-death