Stamp duty due?

G_M

I believe legally it was my father who sold the property as he was legal owner?

No. He was the legal owner of 50%.


Since the property was owned as Tenant In Common, any sale would have required the signitures of the father (who owned 50%) and the owner of the other 50%. On mother's death, the Executers (OP & brother) could have signed for the other 50% - but surely you would know if you'd signed...??!!

However the alternative would be that the Executers passed the (50%) property to the Beneficiary/OP who then sold. But

a) he says it was never registered in his name and
b) again - surely he would know!

Most likely is that Executers sold during Probate and the inheitance was passed to him as £ rather than as property, so I believe OP never had an interest in the property and remains a FTB.


Happy to be corrected though!

foxy-stoat

G_M wrote: »

Most likely is that Executors sold during Probate and the inheritance was passed to him as £ rather than as property, so I believe OP never had an interest in the property and remains a FTB.

Trouble is the Brother cut him a cheque directly rather than through the Executors account - up the the solicitor handling the next purchase to decide if he is a true FTB'er or not, but up to the OP how he answers the questions that the solicitor will ask him, and when he signs the forms.

G_M

foxy-stoat wrote: »

Trouble is the Brother cut him a cheque directly rather than through the Executors account - up the the solicitor handling the next purchase to decide if he is a true FTB'er or not, but up to the OP how he answers the questions that the solicitor will ask him, and when he signs the forms.

True - but was brother acting as buyer, or as Executer......?

foxy-stoat

G_M wrote: »

True - but was brother acting as buyer, or as Executer......?

Same as if the OP was "selling" as the executor or the beneficiary, but if the money came from the brothers account into the OP's account then I do not see how they would be the latter.

£5,000 would be the sum owed or not owed - a call for a solicitor to make, or satisfy themselves that they wont be advising their client to defraud the HMRC. If there is enough evidence to prove either way then they will make the correct call.

Flu_strength_Darren

Bit of a non event really, my mother had time to put affairs in order, so probate was straightforward money wise, as I was executir and got probate nothing was done regarding the house as my father carried on living in it and I owned half in name only, never did anything legally with it.

Untill dad moved out and we sold privately to my brother, using a solicitor for the transfer and yes my brother paid me direct my half,

So sounds like I will be liable for stamp duty.

I've also been reading if my my purchase is over 3 years since inheritance I am liable.

Flu_strength_Darren

So it's £5000 on £200000 purchase?

AdrianC

Flu_strength_Darren wrote: »

My mother left me her 50% share.
Tennant's in common my father lived in house for 2 years after mother's death.
My father moved out and we decided to sell property

So for two years, ownership of the other half of the property was in limbo?

What did you and your brother - do about her property as executors during that time? Did you get everything else all straightened out and all the paperwork done? Or just leave it all hanging?

TBH, it sounds like you're going to need professional legal help. It sounds like there's a very strong argument that you were 50% owner from at least some point in that two year process - then you sold your 50% to your brother as owner, not as executor.

If that 50% share was £40k+, then you are not an FTB.

CGT is unlikely, because it's unlikely the 50% would have increased in value much in that time.

Flu_strength_Darren

Thought it was £1500?

Flu_strength_Darren

ADRIAN, everything else was settled before death apart from house, it was a long illness and she had time to make arrangements.

foxy-stoat

Flu_strength_Darren wrote: »

Thought it was £1500?

Correct, I thought it was £300,000 for some reason.