Tenants in Common - advice please re probate and shares after death of one tenant

lgriff23

I am after some advice following on from the recent death of my father.We - my Father, Mother and I - have a tenants in common agreement in place - all 3 of us having a third share in my parents house.
Now that my father has died his share will pass to my Mum as she is the next of kin beneficiary named in his will.
Questions - what happens to my share - is it still valid?
                 - can my Mother and I change the tenants in common agreement now so that we both have 50% share each? If so if there a time limit on this before either of us dies? I had heard for some legal agreements it is 7 or possibly 10 years.
                 - do we need to apply for Probate? Everything to do with my Father's finances etc was left to my Mother in his will.
Thanks so much.

Keep_pedalling

Nothing changes with your share. Your mother could do a deed of variation within 2 years of your father’s death to split ownership 50/50, wether it is a good idea to do that depends on a number of factors including value of the house and whether you live there or not. Issues such as deliberate deprivation of assets and potential CGT need to be considered.


I don’t think you need probate for the house, but it may be required for other assets he owned.

lgriff23

Thanks so much - that's very helpful.

74jax

If you think of the 3rd you currently own as yours. Your dad can't leave this to anyone as he didn't own it, if that makes sence. It remains yours.
Now your mam owns 2 3rds after inheriting from her husband. This is again hers, not anyone else's.
It is a very similar set up to what we had. I'd advise you get a will and leave your 3rd to family (if you have) or who you wish to inherit this 3rd, it's something people forget about.

If you want to go 50/50 on the property you can, but what are the reasons, so we can best advise? Is it fully owned /mortgaged?