Transfer of property ownership

Jenniefour

My brother and I were left my mother's house as joint tenants in her will. No mortgage. My brother lived with my mother during the later years of her life to help her and he is going to continue living there. We have no plans to sell it. I am the executor and I want to transfer the property into our names now. I am assuming I just fill in the Land Registry document TR1.

Just to add, we get on very well and there is no dispute going on over the will. My brother is going to pay all the bills, and repairs. Anything I/we have overlooked?

Keep_pedalling

Jenniefour wrote: »

My brother and I were left my mother's house as joint tenants in her will. No mortgage. My brother lived with my mother during the later years of her life to help her and he is going to continue living there. We have no plans to sell it. I am the executor and I want to transfer the property into our names now. I am assuming I just fill in the Land Registry document TR1.

Just to add, we get on very well and there is no dispute going on over the will. My brother is going to pay all the bills, and repairs. Anything I/we have overlooked?

Be aware that should you sell at sometime in the future, your share will be subject to capital gains tax but his won't be.

Yorkshireman99

With that in mind the OP would be well advised to get a professional valuation by a RICS qualified surveyor at the DOD. This will provide a firm base for any future CGT calculation. This should also be used for probate. Estate agents free valuations are not acceptable for this purpose. The house insurance should be in joint names as you both have an insurable interest.

getmore4less

You should review the CGT and IHT implications of joint tenants, tenants in common and a DOV to set up an interest in possession trust.

Jenniefour

Thanks. I had a RICS valuation done for probate. I doubt the CGT will be a problem, the value of the house was 180k.

getmore4less - any particular reason we would need a DOV to set up an interest in possession?

Land_Registry

If it was registered in her sole name and you are transferring to the beneficiaries then it's form AS1 and not TR1 you need. Forms AP1 and ID1 still apply though.

As executor we don't need your identity certified but we will need that for your brother. And we'd need an official copy of the probate.

We always recommend legal/financial advice especially recwider issues such as tax and what happens in the future. But it's not compulsory from a registration perspective

Yorkshireman99

Jenniefour wrote: »

Thanks. I had a RICS valuation done for probate. I doubt the CGT will be a problem, the value of the house was 180k.

getmore4less - any particular reason we would need a DOV to set up an interest in possession?

Remember that CGT may be factor if the property is sold in the future as it will not be your principal residence.You also need to take advice from a solicitor who is a STEP member about possible trusts.

eddyinfreehold

"Land Registry

If it's was registered in your sole names and you are transferring to the beneficiaries then it's form AS1 and not TR1 you need. Forms AP1 and ID1 still apply though.

As executor we don't need your identity certified but we will need that for your brother. And we'd need an official copy of the probate.

We always recommend legal/financial advice especially recwider issues such as tax and what happens in the future. But it's not compulsory from a registration perspective"


Whoooh ! Things I didn't know. Huge round of applause for the Land Registry not only for monitoring the MSE forum but being willing to give open, useful, prompt advice unsolicited. An intelligent time saver for both forum users and the Registry itself. To the Director I would say 'give yourselves all a pat on the back for doing a great job' then go round to HMRC and show them how they could and should pull their finger out! LR = Model Government Administration and is cost neutral

getmore4less

Jenniefour wrote: »

Thanks. I had a RICS valuation done for probate. I doubt the CGT will be a problem, the value of the house was 180k.

getmore4less - any particular reason we would need a DOV to set up an interest in possession?

I suspect without a DOV it would not qualify for the CGT benefit of the interest in possession ( which negates your CGT exposure).

This can be checked, along with the other issues with whatever you do.

You may also need to consider other factors like if either of you have spouses, longer term plans of brother etc.

Avoiding your potential cgt exposure should be easily sorted if happy to wait to liquidate the asset.

Land_Registry

eddyinfreehold wrote: »

Whoooh ! Things I didn't know. Huge round of applause for the Land Registry not only for monitoring the MSE forum but being willing to give open, useful, prompt advice unsolicited. An intelligent time saver for both forum users and the Registry itself. To the Director I would say 'give yourselves all a pat on the back for doing a great job' then go round to HMRC and show them how they could and should pull their finger out! LR = Model Government Administration and is cost neutral

Many thanks and we do find it a rewarding forum to participate in - an apology though as I did err in my reply which I have now edited. It was in the late Mother's sole name, rather than 'your's'.

Yorkshireman99

Jenniefour wrote: »

Thanks. I had a RICS valuation done for probate. I doubt the CGT will be a problem, the value of the house was 180k.

getmore4less - any particular reason we would need a DOV to set up an interest in possession?

That is why the OP need paid for professional advice. Nobody on here has sufficent knowldege of the exact circumstances. Unfortunately some replies don't make that clear. Free advice is worth what you pay for it!