Probate House Sale - Deed of Appropriation

Hal17

I am looking for some help with the following please?

I am in the process of selling a Probate property and have accepted an offer. I am arranging a Deed of Appropriation that needs to be signed and dated before the house is sold. This would be mean that the asset was no longer held by the estate, but instead held on behalf of the Beneficiaries.

I am being asked to sign a Contract of Sale, but I am worried that I have not yet completed the Deed of Appropriation paperwork. I assume that the property is legally sold once the Contracts are exchanged and we have a "Completion Date" for the property transaction. 

So do I have until the actual completion date to get the Deed of Appropriation completed. I am of course trying to get this completed ASAP. Appreciate your help.

canaldumidi

Hal17 said:

..... I assume that the property is legally sold once the Contracts are exchanged and we have a "Completion Date" for the property transaction. 
...

No. The property is sold when the money changes hands and so do the keys - at Completion. Till then all you have is a contract.

Are you not using a solicitor for the conveyancing? He should be advising you on the D of A if not drafting it.

GDB2222

For some purposes, eg CGT, I think it’s the contract date that counts. 

canaldumidi

GDB2222 said:

For some purposes, eg CGT, I think it’s the contract date that counts. 

You sure about that..?

If you sold property in the UK on or after 6 April 2020

You must report and pay any tax due on UK residential property using a Capital Gains Tax on UK property account. You must do this within:

• 60 days of selling the property if the completion date was on or after 27 October 2021
• 30 days of selling the property if the completion date was between 6 April 2020 and 26 October 2021

https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

Though having said that:

Get the following information ready:

• property address and postcode
• date you got the property
• date you exchanged contracts when you were selling or disposing of the property
• date you stopped being the property’s owner (completion date)
• value of the property when you got it
• value of the property when you sold or disposed of it
• costs of buying, selling or making improvements to the property
• details of any tax reliefs, allowances or exemptions you’re entitled to claim
• property type, if you’re a non-resident

So I'm not sure!

Hal17

Thank you all for the updates, much appreciated.