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Transfer of inherited property with equitable charges
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CuriousBBBB
Posts: 2 Newbie
We have inherited a property from out mother which has some equitable charges for utilities like water and electricity (on Land Registry also referred to as interim charging orders) . Can we still transfer the property to ourselves with the equitable charges remaining?
We plan to live there bit likely next year begin renovations with a view to selling it and paying the equitable charges off then
There is no inheritance tax payable.
We plan to live there bit likely next year begin renovations with a view to selling it and paying the equitable charges off then
There is no inheritance tax payable.
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Comments
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I don’t think you are going to b3 able to transfer the property without clearing any charges on it, and you mothers creditors need to be paid off before you can distribute the estate. If you can’t afford to clear the charges how are you going to fund the refurb?
if either of you don’t already own a property it would be a mistake to lose your first time buyer status by transferring and you would be better off just selling up now, especially with capital gains tax allowances dropping to just £3k next April.0 -
As above, you (assuming you are the Executers) need to deal with your mother's Estate before distributing any funds or assets to the Beneficiaries (even if those Beneficiaries and executers are the same people).
That means collecting any debts owed to the deceased and adding them to the Estate. and paying any debts owed by the estate and thus subtracting them from the Estate.
whether it is better for the Executers to sell the property in the deceased's name, or to transfer the property to the Beneficiaries and for them to subsequently sell needs careful consideration of the potential costs, taxes, and potentially lost FTB benefits.
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