death in family tennant in common

mariamcb

hi - my mum has just died and her property is "tenant in common" with me - her daughter. I own an 18% share (bought 20 years ago - and I took out a repayment mortgage to help her with it) - she has left the property to myself and my brother. how does it work when we sell it ? - will I have to pay CGT on my 18% ? -do I need to let HMRC know - the 18% is only on an old mortgage offer and nothing official from solicitors. help.

-taff

You need to know if the tenants in common is documented anywhere, like the land registry [both of your names on there] etc. I don't think you'd be paying CGT on your share if you live there.

Land_Registry

-taff wrote: »

You need to know if the tenants in common is documented anywhere, like the land registry [both of your names on there] etc. I don't think you'd be paying CGT on your share if you live there.

The OP seems to have the required information/documentation dealing with and recording the % split so has the evidence required.

Yes, check the register to confirm what is registered but that is more to do with what happens next re the property as a whole re her death and any changes to be made to transfer it to the beneficiaries for example. Our online short guide will assist re the changes but won't cover the CGT/HMRC aspect and I would recommend you get legal advice on that aspect

The register is not definitive re how the property was held and the term 'tenants in common' is not referred to on the register.

Joint owners may indicate that they wish to hold the property as tenants in common when they are registered or may decide to sever their joint tenancy at some stage.

When this happens, and where the land is registered, we can register a Form A restriction on the registered title, namely
'No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court'

The Form A restriction does not itself change the ownership from beneficial joint tenancy to tenancy in common. The restriction only reflects the request or change made.

For further information see Joint property ownership available on the GOV.UK website

getmore4less

There will be more questions but start with.

Is there still a MORTGAGE?

Was the mortgage in both NAMES?

Who paid the mortgage?

What were the purchase details?

mariamcb

there is no mortagage
yes it was in both names - I only paid the repayment part. mum had endowments


i did not live in the property...

mariamcb

hi
thanks for responding ; sorry what is OP??

mariamcb

I didnt live there...

Land_Registry

mariamcb wrote: »

hi
thanks for responding ; sorry what is OP??

Original Poster - namely you as mariamcb. These threads can get quite long so OP is often used rather than your user name

mariamcb

thanks - never posted on here! yes there is this on the document:
'No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court'

the question really is about CGT.... as i am part owner and dont live in the property

Land_Registry

mariamcb wrote: »

thanks - never posted on here! yes there is this on the document:
'No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court'

the question really is about CGT.... as i am part owner and dont live in the property

I only posted as another poster had referred you to the registered details. My post explains that in light of your actual post that is unnecessary re the CGT issue

It may however be relevant re updating the register re her death, but as we both appreciate that was not your Q

getmore4less

We're any enhancements made to the property.

What was the value when you paid for your 18%
Estimated value for sale now.

You seem to have just done this as it would have been possible 20y ago to avoid CGT liabilities

Would you be interested in buying out your brother?