Probate/Property transfer

ImranQ

getmore4less wrote: »

The fathers name can be removed without probate.

There is nothing to change as the two remaining owners will be the only legal owners if his share passes to your mum. .

Thank-you. My mother and father made wills when my father was alive to pass some of their shares of the property on to two of my sisters an their remaining shares to me. But due to the restriction in the property papers above, does this mean the wills are redundant?

Tom99

ImranQ wrote: »

Thank-you. My mother and father made wills when my father was alive to pass some of their shares of the property on to two of my sisters an their remaining shares to me. But due to the restriction in the property papers above, does this mean the wills are redundant?

[FONT=Verdana, sans-serif]No the Wills are not at all redundant. The Land Reg only record the legal owners not the beneficial owners of property.[/FONT]
[FONT=Verdana, sans-serif]Where joint owners hold the property as tenants in common the Land Reg add the restriction to the title:[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]RESTRICTION: 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.[/FONT]

[FONT=Verdana, sans-serif]All this means is that a sole surviving legal owner cannot sell the property without introducing another person.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]Where there is more than one legal owner they jointly own the whole property on trust for sale. Usually the people they are holding it on trust for are themselves but not always.[/FONT]
[FONT=Verdana, sans-serif]At the moment you and your mother are the only legal owners and you hold the property on trust for the two of you. Your father will says your mother is to own 2/3rds and you 1/3rd but the Land Reg do not record the beneficial ownership split.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]When your mother dies you will automatically become the sole legal owner of the whole property but because of your mothers will you own the property on trust for you and your two sisters.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]At that time you will not need probate for your mother to get the Land Reg records updated to show you as sole legal owner but the above restriction on the title will remain and you will need to introduce another trustee before you can sell the property.[/FONT]

getmore4less

What is this 7 years you talk about.

The common use is relating to gifts and PETS this has no relevance to property ownership.

ImranQ

Tom99 wrote: »

[FONT=Verdana, sans-serif]No the Wills are not at all redundant. The Land Reg only record the legal owners not the beneficial owners of property.[/FONT]
[FONT=Verdana, sans-serif]Where joint owners hold the property as tenants in common the Land Reg add the restriction to the title:[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]RESTRICTION: 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.[/FONT]

[FONT=Verdana, sans-serif]All this means is that a sole surviving legal owner cannot sell the property without introducing another person.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]Where there is more than one legal owner they jointly own the whole property on trust for sale. Usually the people they are holding it on trust for are themselves but not always.[/FONT]
[FONT=Verdana, sans-serif]At the moment you and your mother are the only legal owners and you hold the property on trust for the two of you. Your father will says your mother is to own 2/3rds and you 1/3rd but the Land Reg do not record the beneficial ownership split.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]When your mother dies you will automatically become the sole legal owner of the whole property but because of your mothers will you own the property on trust for you and your two sisters.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]At that time you will not need probate for your mother to get the Land Reg records updated to show you as sole legal owner but the above restriction on the title will remain and you will need to introduce another trustee before you can sell the property.[/FONT]

Thank-you Tom/Marcon. Your posts are very helpful.

Regarding my original question the solicitor said that I should transfer my father's share to avoid the excessive probate fees increase next month. Is the information in the second post by Marcon all I need to follow:

https://forums.moneysavingexpert.com/showpost.php?p=75599440&postcount=2

Apologies but I am complete newbie as I mentioned before.

A local solicitor told me about the probate fees increase and recommended that I employ her at £1750 + probate fees to remove my father and transfer his share to my mother (in his will my mother gets his share until my mother passes away when remaining 2/3 will be passed to the children). She said it would get expensive later if my mother passes away as it would cost me twice as much at the new fee rate and twice the solicitor fees.

My question is is it easy for me to do this myself with the old fees and which form/s do I need?

Tom99

ImranQ wrote: »

Thank-you Tom/Marcon. Your posts are very helpful.

Regarding my original question the solicitor said that I should transfer my father's share to avoid the excessive probate fees increase next month. Is the information in the second post by Marcon all I need to follow:

https://forums.moneysavingexpert.com/showpost.php?p=75599440&postcount=2

Apologies but I am complete newbie as I mentioned before.

A local solicitor told me about the probate fees increase and recommended that I employ her at £1750 + probate fees to remove my father and transfer his share to my mother (in his will my mother gets his share until my mother passes away when remaining 2/3 will be passed to the children). She said it would get expensive later if my mother passes away as it would cost me twice as much at the new fee rate and twice the solicitor fees.

My question is is it easy for me to do this myself with the old fees and which form/s do I need?

You do not need probate just the death certificate, here is the link:

https://help.landregistry.gov.uk/app/answers/detail/a_id/125

ImranQ

Tom99 wrote: »

You do not need probate just the death certificate, here is the link:

https://help.landregistry.gov.uk/app/answers/detail/a_id/125

Thank-you Tom. Perhaps the Solicitor was trying to use the fear factor to get me to get the work done by her.

Yorkshireman99

ImranQ wrote: »

Thank-you Tom. Perhaps the Solicitor was trying to use the fear factor to get me to get the work done by her.

Try shopping around. As a novice you really should check out how to do it all.

ImranQ

getmore4less wrote: »

What is this 7 years you talk about.

The common use is relating to gifts and Pets this has no relevance to property ownership.

I had been given the impression that the 7 year rule applied to adding people to a property. Otherwise everyone would be passing their property down by adding names of children to avoid inheritance tax.

getmore4less

ImranQ wrote: »

I had been given the impression that the 7 year rule applied to adding people to a property. Otherwise everyone would be passing their property down by adding names of children to avoid inheritance tax.

It does not work like that, gifts have to be absolute with no benefit.
if you give your house away but still live in its value never leaves your estate.

It works for you because you live there, you owned the share of property and the 7years clock start for the PET for that to drop out of the parents estate.

if you had not lived there or moved out there would be IHT implications.

ImranQ

getmore4less wrote: »

It does not work like that, gifts have to be absolute with no benefit.
if you give your house away but still live in its value never leaves your estate.

It works for you because you live there, you owned the share of property and the 7years clock start for the PET for that to drop out of the parents estate.

if you had not lived there or moved out there would be IHT implications.

Ahh! OK. Thank-you. What do you mean by 'the 7years clock start for the PET for that to drop out of the parents estate.' ?