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

sgx2000

So, Again..

If I now get this right

The daughters holding the title just proves their beneficial interest..
And, without the registry entry they still have a financial interest in their share of the property...

I have done the IHT and the Probate went off a week ago... So I have several months in which to make my mind up as to whether to employ a solicitor.....

Many Many thanks to all who have answered my (occasionally stupid) questions...
I do appreciate the time and patience you have shown

getmore4less

The proof of the beneficial interest lies with the the will(or intestate) of the deceased owners beneficial interest.

The(now) sole legal  owner needs to appoint a second trustee to deal with the property (the form A restriction).

That person takes on the liabilities for the beneficial interest.

One typical scenario is the sole legal owner appoints the executor as second trustee and together they update the legal title with the the new legal owners.

This could be in a case like this with(we think) absolute beneficial interest both the  beneficiary.

In cases with a life interest it may be the executor and or a remainderman of the trust

The key element of this is the beneficial interests need to be recorded for the future, not a function of the land registry.

Loads still get confused and it does not help that a lot of sites still say you need probate if a property owners dies TIC leaving an owner.

 

Land_Registry

getmore4less said:

The proof of the beneficial interest lies with the the will(or intestate) of the deceased owners beneficial interest.

The(now) sole legal  owner needs to appoint a second trustee to deal with the property (the form A restriction).

That person takes on the liabilities for the beneficial interest.

One typical scenario is the sole legal owner appoints the executor as second trustee and together they update the legal title with the the new legal owners.

This could be in a case like this with(we think) absolute beneficial interest both the  beneficiary.

In cases with a life interest it may be the executor and or a remainderman of the trust

The key element of this is the beneficial interests need to be recorded for the future, not a function of the land registry.

Loads still get confused and it does not help that a lot of sites still say you need probate if a property owners dies TIC leaving an owner.

Getmore4less is right re the beneficial interests etc but if the decision is to do nothing re the legal ownership or for the sole surviving owner to transfer to herself and a/both daughters then there’s no need to appoint a second trustee

When we refer to ‘dealing’ with a property in this context we mean monies (capital monies) changing hands so if the property was to be sold/remortgaged then she’d need a co-trustee to do so IF there’s a form A restriction on the register. 

OP - your comment “The daughters holding the title just proves their beneficial interest..

And, without the registry entry they still have a financial interest in their share of the property.” doesn’t convince me that you have now got it right but that may be your choice of words. 

If you mean they have a copy of the title (register) and there’s a form A restriction on it then that shows that a beneficial interest/trust is likely to exist. Holding the title is usually used to confirm legal ownership. 

His will/the trust is the key re what financial interest they have. How that is realised/materialised and when is fundamentally what you/they need advice on. 

My advice remains the same - all 3 need to get wider advice inc what happens if they do nothing but then say one of them wants to realise their beneficial share or worse also dies. 

You can of course wait to do that as long as you want but waiting for probate doesn’t really change things re the specific issues you raised in your OP