Tenants in common on death forms

macray76

Hi. 

This should be a simple one to answer but I can't find it anywhere!

My parents had a tenants in common agreement on their house and written into their wills is their 50% share goes to me and my two siblings with my mum having the right to live there etc.. 

My Dad died the other month so what forms do I need to compete? Just the DJP? Do I need to fill in the TR1?

This should be simple, my Dad's 50% is given to us equally. 

Many thanks in advance. 

xylophone

It seems that your  father's will has created an IPDI Trust. Look carefully at the terms of the  Will.

https://www.thewillbureau.co.uk/news/2018/6/29/what-is-an-immediate-post-death-interest

If so, you and your sister are "remainder men".

You hold your father's beneficial share in trust for your mother.

http://trustsdiscussionforum.co.uk/t/land-registry-procedure/6951/3 may help.

macray76

Thanks xylophone.

So all I need is to fill the DJP form in because the legal owner is now my Mum but our beneficial share of 50% is protected because of the IPDI? 

xylophone

Your father's name can be removed from the register.

The question is what happens in respect of the IPDI Trust.

There will already be a Form A restriction on the register because your parents held the property as legal joint tenants/beneficial tenants in common.

This could remain although in fact it does not provide much protection for beneficiaries.

https://www.land-registry-documents.co.uk/information/joint-ownership-tennants/

https://www.gov.uk/government/publications/notices-restrictions-and-the-protection-of-third-party-interests-in-the-register/practice-guide-19-notices-restrictions-and-the-protection-of-third-party-interests-in-the-register

With your mother's permission, you and your sister could be registered as proprietors with your mother.

You will notice the  legal arguments round this in the link in my previous, with one of the respondents commenting that she had not done this because of the risk of creating CGT liability etc.

For myself, I do not see how this could be the case because the will creating an IPDI is surely sufficient proof that the Trustees of the Trust (even where they are the remainder men) are not the beneficial owners of  the share in the property?

https://www.thisismoney.co.uk/money/pensions/article-5966805/What-life-trust-family-home-trustees-duties.html may be of interest.

macray76

Thanks again xylophone. 

Very useful information there. 

ZACLEO

I would like to know if the Land REgistry needs probate when a tenant in common has died. Does it need to be registered at the time of death? Or will action take place when the property is sold

Keep_pedalling

More info needed, who inherits the deceased person’s share and what is their relationship the the surviving owner. Has the surviving owner been given a life interest?

Land_Registry

ZACLEO said:

I would like to know if the Land REgistry needs probate when a tenant in common has died. Does it need to be registered at the time of death? Or will action take place when the property is sold

If there are joint owners then the legal ownership passes to the surviving owner. The property does not form part of the deceased’s estate so probate is not required with regards the property 

The TIC aspect relates to their beneficial ownerships and those can be dealt with when the property is sold