Tenants in Common - Probate

msb1234

You shouldn’t need to change anything until the sale goes through. I’m selling my mum’s house which was left in the same way as your dad, with my stepfather having a life interest and owning 20% as TIC. The sale is going through and my solicitor told me all the ownership things will be sorted at the point of sale. 

Does your mum intend to split the proceeds now, or will she be buying a new house with all the proceeds? If it’s the former, then the solicitor will pay out each ‘owner’ their % of the sale proceeds directly to each one.

Land_Registry

Richie7 said:

Land_Registry said:

Richie7 said:

Apologies for bumping my old thread, I thought it was better than starting another one.

I just wanted some final clarification and I'm hoping @Land_Registry you wouldn't mind doing so please. 

We finished at the end of last year finalising nearly all my dad's affairs with probate, and the last thing that remains is the house.

In his will he left his half of the house to myself and my sister. He arranged this in 2009 when he and my mum also became tenants in common. So I now own 25%, my sister 25%, and my mum 50%.

What form do I need to complete to notify the Land Registry of this? I want to make sure I get it right as it's all been a very stressful time and I don't want any complications. I've found some online, but not sure if one of them is the correct one.

Thanks very much.

It’s all a Q of what you all want to do re the legal ownership. One option is do nothing as the will/TIC protects you/your sister’s beneficial ownership 
The legal ownership passed to your Mum and probate wasn’t needed for the property so IF you all decide you want to transfer it into your three names then Mum woukd transfer the whole legal ownership to herself plus you both 
https://customerhelp.landregistry.gov.uk/guide-page-external/?stepid=c48ca216-8d82-eb11-a812-000d3ad48f95&kbonly=true&setanswer=

If the arrangements made in 2009 protected the wills/trust, and for example Mum’s right to carry on living there, then you may opt to do nothing - for example if you/sister have yet to buy your first home being the legal owner now may impact on your stamp duty when you buy your own property as a ‘second home’ 
So you don’t have to notify us of anything in effect so it’s worth getting some legal/financial advice about what your collective options are and what’s ‘best’ to do, which maybe nothing. 

Thanks for the reply. As it happens the will did direct that my mum could continue living there. However she has decided she would like to move and sell the house now. So I'm guessing for that to happen we would need to have it legally in our three names before the sale? As per the will dictates?

Not always as she could appoint you/you both as Co-trustees as part of the Transfer deed and then you all transfer to the buyer. 

Speak to the conveyancer acting for you and refer them to our Practice Guide 21 if they need it 

Keep_pedalling

Richie7 said:

Land_Registry said:

Richie7 said:

Apologies for bumping my old thread, I thought it was better than starting another one.

I just wanted some final clarification and I'm hoping @Land_Registry you wouldn't mind doing so please. 

We finished at the end of last year finalising nearly all my dad's affairs with probate, and the last thing that remains is the house.

In his will he left his half of the house to myself and my sister. He arranged this in 2009 when he and my mum also became tenants in common. So I now own 25%, my sister 25%, and my mum 50%.

What form do I need to complete to notify the Land Registry of this? I want to make sure I get it right as it's all been a very stressful time and I don't want any complications. I've found some online, but not sure if one of them is the correct one.

Thanks very much.

It’s all a Q of what you all want to do re the legal ownership. One option is do nothing as the will/TIC protects you/your sister’s beneficial ownership 
The legal ownership passed to your Mum and probate wasn’t needed for the property so IF you all decide you want to transfer it into your three names then Mum woukd transfer the whole legal ownership to herself plus you both 
https://customerhelp.landregistry.gov.uk/guide-page-external/?stepid=c48ca216-8d82-eb11-a812-000d3ad48f95&kbonly=true&setanswer=

If the arrangements made in 2009 protected the wills/trust, and for example Mum’s right to carry on living there, then you may opt to do nothing - for example if you/sister have yet to buy your first home being the legal owner now may impact on your stamp duty when you buy your own property as a ‘second home’ 
So you don’t have to notify us of anything in effect so it’s worth getting some legal/financial advice about what your collective options are and what’s ‘best’ to do, which maybe nothing. 

Thanks for the reply. As it happens the will did direct that my mum could continue living there. However she has decided she would like to move and sell the house now. So I'm guessing for that to happen we would need to have it legally in our three names before the sale? As per the will dictates?

No, normally the legal ownership of new house would be held between your mother and the trust and she remains the sole beneficial owner. This will avoid a CGT liability when the house is finally sold. 

Probably best to take legal advice on this especially if the move results in a lot of cash being released.

Richie7

Thanks for the replies, but this all seems more complex and in depth than I thought it was going to be.

So what is the best thing people think I should do right now? Bearing in mind my mum wants to sell and find another property? Don't I at least need to inform the Land Registry of my dad's death? Is that a DJP form?

Land_Registry

Richie7 said:

Thanks for the replies, but this all seems more complex and in depth than I thought it was going to be.

So what is the best thing people think I should do right now? Bearing in mind my mum wants to sell and find another property? Don't I at least need to inform the Land Registry of my dad's death? Is that a DJP form?

The death is sadly factual so can be notified at any stage/point. If Mum wants to sell then sell and if there’s a form A restriction on the land register then refer to PG 21 section 6 as explained and sell 
https://www.gov.uk/government/publications/using-transfer-forms-for-less-straightforward-transactions