Primary residence transfer in the will 13 November 2022 at 7:54PM in Deaths, funerals & probate 12 replies 456 views

katzy5

I wasnt sure if i should make another thread or continue from my previous post, because now i have a question regarding property. But its linked to getting the will written.

So my dad passed nearly a decade ago. Property title has been in mums name since they paid off the mortgage. Ive never seen the original deeds but i believe they are with a solicitor firm that no longer exists. Checked online land registry and its definitely in mums name.

Mum thinks i should be able to have the house transferred into my name after her passing. Asked my brother and he seems completely fine with it. Mum thinks if i sell then i should give him half the value, which is fair. He lives in Canada. But if i dont sell, i can just keep it? So im not sure if this would even be allowed, ive always assumed parents' property gets sold and the proceeds divided.

What would be the best course of action regarding mums will? If i were to be the main beneficiary would that property transfer be allowed? Any tax implications of doing this or only if i sell? Theres so much to think about, im not even sure what to do.

Any advice would be greatly appreciated, thanks.

Keep_pedalling

It all depends on what the new will she is about to make says. Normally it is unwise to leave a specific property to someone as you may no longer own it at the time of your death.

A solicitor will go through all the what ifs before drafting the will.

msb1234

There’s a few options. Your mum could leave the property in trust in her will, specifying that you can live there until such time as you either die, sell or perhaps marry for example. At that point, your brother either gets his half of the sale, or the whole property if you die.
Seems a bit harsh that your brother could be excluded because he lives in Canada though. Do you live with your mum?

Marcon

katzy5 said:

I wasnt sure if i should make another thread or continue from my previous post, because now i have a question regarding property. But its linked to getting the will written.

So my dad passed nearly a decade ago. Property title has been in mums name since they paid off the mortgage. Ive never seen the original deeds but i believe they are with a solicitor firm that no longer exists. Checked online land registry and its definitely in mums name.

Mum thinks i should be able to have the house transferred into my name after her passing. Asked my brother and he seems completely fine with it. Mum thinks if i sell then i should give him half the value, which is fair. He lives in Canada. But if i dont sell, i can just keep it? So im not sure if this would even be allowed, ive always assumed parents' property gets sold and the proceeds divided.

What would be the best course of action regarding mums will? If i were to be the main beneficiary would that property transfer be allowed? Any tax implications of doing this or only if i sell? Theres so much to think about, im not even sure what to do.

Any advice would be greatly appreciated, thanks.

Best possible advice is to talk it through with a competent solicitor.

Robin9

I think it us unwise to name a specific property in a will - eg I leave 55 Acacia Avenue to my son ..........       What happens if 55 Acacia Avenue gets sold before the death ? 

Surely much easier to say my estate ?

katzy5

Keep_pedalling said:

It all depends on what the new will she is about to make says. Normally it is unwise to leave a specific property to someone as you may no longer own it at the time of your death.

A solicitor will go through all the what ifs before drafting the will.

Would it be held in trust automatically? Even if the owner had passed.

Keep_pedalling

katzy5 said:

Keep_pedalling said:

It all depends on what the new will she is about to make says. Normally it is unwise to leave a specific property to someone as you may no longer own it at the time of your death.

A solicitor will go through all the what ifs before drafting the will.

Would it be held in trust automatically? Even if the owner had passed.

Not quite clear in what you are asking here, but it would only be held in trust if the will had a clause in it to do so.

katzy5

msb1234 said:

There’s a few options. Your mum could leave the property in trust in her will, specifying that you can live there until such time as you either die, sell or perhaps marry for example. At that point, your brother either gets his half of the sale, or the whole property if you die.
Seems a bit harsh that your brother could be excluded because he lives in Canada though. Do you live with your mum?

I was also shocked when he told me over the phone that i can keep his share of the house as a gift. He has his own business and is quite successful in Canada. But i still think i would want to give him something of value in return. Perhaps i could write my own will gifting him half. I have my own place with kids, but im quite close to mum. So we stay over often.

Keep_pedalling

katzy5 said:

msb1234 said:

There’s a few options. Your mum could leave the property in trust in her will, specifying that you can live there until such time as you either die, sell or perhaps marry for example. At that point, your brother either gets his half of the sale, or the whole property if you die.
Seems a bit harsh that your brother could be excluded because he lives in Canada though. Do you live with your mum?

I was also shocked when he told me over the phone that i can keep his share of the house as a gift. He has his own business and is quite successful in Canada. But i still think i would want to give him something of value in return. Perhaps i could write my own will gifting him half. I have my own place with kids, but im quite close to mum. So we stay over often.

Why don’t you just ask to to split the estate 50/50 (or some other split)I can understand why she would do this if you still lived with her or was in rented accommodation but you both already own your own properties so it does not make sense and it could all go horribly wrong if the house is sold before she dies.

Mayby she just wants to keep the house in the family, but this is rarely a good idea unless you own a country estate.

Savvy_Sue

Keep_pedalling said:

Mayby she just wants to keep the house in the family, but this is really a good idea unless you own a country estate.

You meant 'RARELY'?

Keep_pedalling

Savvy_Sue said:

Keep_pedalling said:

Mayby she just wants to keep the house in the family, but this is really a good idea unless you own a country estate.

You meant 'RARELY'?

I do indeed. Now corrected