IHT Done, Probate has been applied for, - Next... Land Registry

sgx2000

Many thanks for all the help that has been offered up to this point...  Many Thanks...

IHT Done, Probate has been applied for.  So my next task as executor is re-assignment of property on the Land Registry.

The deceased has left, in his will, his half of a property (tenants in common with ex wife)  to their 2 daughters equally  (ie 25% of house each) 

Has anyone any experience of doing this?
Any advice on where to start / forms to fill etc...

Apparently there used to be a very good land registry form on the .gov site...
But it has been down for months for update???

anna42hmr

hi, this link may help you and point in right direction

https://www.gov.uk/update-property-records-someone-dies

Keep_pedalling

Who is currently living in the house? Do the daughters already own their own property?

I ask because there are potential downsides as far as losing first time buyer status and CGT are concerned.

sgx2000

Keep_pedalling said:

Who is currently living in the house? Do the daughters already own their own property?

I ask because there are potential downsides as far as losing first time buyer status and CGT are concerned.

The ex-wife is still living in the house (she owns 50% of the house (tenants in common))

I don't think either daughter owns property... They as far as I aware they rent.
One daughter does live in America....
The other in England

Keep_pedalling

sgx2000 said:

Keep_pedalling said:

Who is currently living in the house? Do the daughters already own their own property?

I ask because there are potential downsides as far as losing first time buyer status and CGT are concerned.

The ex-wife is still living in the house (she owns 50% of the house (tenants in common))

I don't think either daughter owns property... They as far as I aware they rent.
One daughter does live in America....
The other in England

The daughter living in England would lose her first time buyer status (as would the other if she moved back) which is going to be expensive in the form of stamp duty when she doe buy her first home. They should consider a deed of variation giver the ex wife a life time interest in their share which would avoid this

sgx2000

anna42hmr said:

hi, this link may help you and point in right direction

https://www.gov.uk/update-property-records-someone-dies

Many Thanks for this...

OMG  I thought the IHT and Probate where gobbledygook 
But, The Land Registry take the biscuit....
OMG how many forms..!!!

Keep_pedalling

sgx2000 said:

anna42hmr said:

hi, this link may help you and point in right direction

https://www.gov.uk/update-property-records-someone-dies

Many Thanks for this...

OMG  I thought the IHT and Probate where gobbledygook 
But, The Land Registry take the biscuit....
OMG how many forms..!!!

Don’t rush this, and make sure the daughters are aware of the issues I mentioned above before you do anything.

getmore4less

sgx2000 said:

Many thanks for all the help that has been offered up to this point...  Many Thanks...

IHT Done, Probate has been applied for.  So my next task as executor is re-assignment of property on the Land Registry.

The deceased has left, in his will, his half of a property (tenants in common with ex wife)  to their 2 daughters equally  (ie 25% of house each) 

Has anyone any experience of doing this?
Any advice on where to start / forms to fill etc...

Apparently there used to be a very good land registry form on the .gov site...
But it has been down for months for update???

sgx2000 said:

Keep_pedalling said:

Who is currently living in the house? Do the daughters already own their own property?

I ask because there are potential downsides as far as losing first time buyer status and CGT are concerned.

The ex-wife is still living in the house (she owns 50% of the house (tenants in common))

I don't think either daughter owns property... They as far as I aware they rent.
One daughter does live in America....
The other in England

Does the ex get a life interest or do the kids inherit absolutely?

sgx2000

The ex  was tenants in common - so keeps her half  (they where divorced 12 years ago but still lived in the same house together)

The will say the daughter both get half of his half....

So, when the probate arrives,  I need to contact the Land registry and reassign his half of the property to his 2 daughters....

Easy... You would think...

OMG..  You wouldn't believe the level of bureaucracy  

Anyway... Hopefully when I get started it will become less onerous...

RAS

You might want to take advice before you do anything.

And answer the question

Does the ex get a life interest or do the kids inherit absolutely?

This is really important; what does, it say in the will? Exact word, please.

Keep_pedalling

sgx2000 said:

The ex  was tenants in common - so keeps her half  (they where divorced 12 years ago but still lived in the same house together)

The will say the daughter both get half of his half....

So, when the probate arrives,  I need to contact the Land registry and reassign his half of the property to his 2 daughters....

Easy... You would think...

OMG..  You wouldn't believe the level of bureaucracy  

Anyway... Hopefully when I get started it will become less onerous...

Why are you ignoring what we are saying about a life interest for his ex? Simply transferring ownership could cost the daughters thousands in stamp duty and CGT.