Now for the Land Registry

sgx2000

I now have probate.
The will says the deceased's share of a house, shared as 'tenants in common' with his ex-wife, should be shared 50-50 with their 2 daughters.
One of whom lives in America.

I have spoke to both daughters, re any potential future CGT, and both are happy for me to proceed with the title transfer

Have I got this right?

I need to fill in form TR1,  AP1,  & Possibly  2 x form ID3
I also need to provide a copy of the Death Certificate....

msb1234

Is the ex wife still alive?

p00hsticks

I think you are probably better off keeping to a single thread on this subject so that people have all the background information - or posting over on the Land Registry thread on the House Selling baord for the official Land Registry Rep to answer

https://forums.moneysavingexpert.com/discussion/5685941/land-registry-questions#latest

sgx2000

msb1234 said:

Is the ex wife still alive?

Yes she is still alive and living at the address.
She has told me she has left the property to their daughters in her will.

So if I do nothing with the land registry their daughters will inherit the whole property upon her death.... but i will not have completed their fathers instruction in his will....

Really hard to get my head around whether to xtart the transfer or not....

sgx2000

p00hsticks said:

I think you are probably better off keeping to a single thread on this subject so that people have all the background information - or posting over on the Land Registry thread on the House Selling baord for the official Land Registry Rep to answer

https://forums.moneysavingexpert.com/discussion/5685941/land-registry-questions#latest

Thanks...
As the whole probate and iht part is finished I will stick to this tread for the land registry part of the process

Keep_pedalling

Lsgx2000 said:

msb1234 said:

Is the ex wife still alive?

Yes she is still alive and living at the address.
She has told me she has left the property to their daughters in her will.

So if I do nothing with the land registry their daughters will inherit the whole property upon her death.... but i will not have completed their fathers instruction in his will....

Really hard to get my head around whether to xtart the transfer or not....

So why did the daughters not do a DoV to give their mother a life interest as suggested in the other thread? Seems nuts to almost guarantee a CGT liability that can be avoided through some simple paperwork. 

sgx2000

Keep_pedalling said:

Lsgx2000 said:

msb1234 said:

Is the ex wife still alive?

Yes she is still alive and living at the address.
She has told me she has left the property to their daughters in her will.

So if I do nothing with the land registry their daughters will inherit the whole property upon her death.... but i will not have completed their fathers instruction in his will....

Really hard to get my head around whether to xtart the transfer or not....

So why did the daughters not do a DoV to give their mother a life interest as suggested in the other thread? Seems nuts to almost guarantee a CGT liability that can be avoided through some simple paperwork. 

Please be patient. ....   
 I obviously, like probably most of the other posters here, have never done any of this before...

Both daughters rent and seem very unlikely to ever own a house.... And upon their mothers death would just sell the house.....

Now, again, please be patient.... Would they  pay CGT on the sale value when eventually sold?
I just dont seem to be able to get my head around CGT rules....

Keep_pedalling

sgx2000 said:

Keep_pedalling said:

Lsgx2000 said:

msb1234 said:

Is the ex wife still alive?

Yes she is still alive and living at the address.
She has told me she has left the property to their daughters in her will.

So if I do nothing with the land registry their daughters will inherit the whole property upon her death.... but i will not have completed their fathers instruction in his will....

Really hard to get my head around whether to xtart the transfer or not....

So why did the daughters not do a DoV to give their mother a life interest as suggested in the other thread? Seems nuts to almost guarantee a CGT liability that can be avoided through some simple paperwork. 

Please be patient. ....   
 I obviously, like probably most of the other posters here, have never done any of this before...

Both daughters rent and seem very unlikely to ever own a house.... And upon their mothers death would just sell the house.....

Now, again, please be patient.... Would they  pay CGT on the sale value when eventually sold?
I just dont seem to be able to get my head around CGT rules....

Lets say the current value of the house is £200k. Mother dies in 10 years time and it is sold for £400k. Half of that would be inherited by the daughters, the other have they will have owned for 10 years will have had a gain of £100k, which would be subject to CGT at what ever rate it is in 2032.

On top of that the daughter in the UK, who you say will never want to buy, will inherit a considerable amount of money which may very well change her mind on this subject but will have blown her FTB status which will cost her dearly in stamp duty.

I would suggest some professional advice is taken by the daughters (at least the one still in the UK before any transfer in title takes place)

sgx2000

Thanks a lot.  That brings it more into focus...

If I did nothing and their mother dies in 10 years.  Would it still be the same senario with cgt.?
What would seem the most likely advice they would receive?

The uk daughter has mental health issues and is on perminent DLA so I am just trying the help her make the right decissions .
She has no realistic income to speak off, and I would imagine that if I dont persuade her to make the appropriate decissions she woul probably just ignore it.....

getmore4less

You seem to have ignored, forgotten or not understood  things you were told over a month ago on the  other thread.

Go through your previous threads again to remind yourself.

sgx2000

I will do...
Probably nott understood  lol  certainly not ignored..
Many thanks to all who have helped so far..