Mortgage paid off.

Ezii

Hey fellas, If anyone give me some insight in regards to what the best approach is we've just paid off our mortgage, though it's amongst three people (parents, and me). We've got no deed or anything like that I'm just worried that if something were to happen to my parents how would the house be separated, and it become e.g. 50/50 or 100% 1 individual, and if there are any tax implications on it, and how it can be lowered, or nulled. 

Any help or advice would be much appreciated. 

Keep_pedalling

You either own the house as joint tenants or as tenants in common. If the former ownership passes by survival so the last to die will own it out right. If the latter then you each own a share that will pass as per your will or the laws of intestacy. Provided the property is registered you can download the title registry documents from the land registry for £3.

https://www.gov.uk/search-property-information-land-registry

If the registry document contains the following clause then you will own it as tenants in common which is almost certainly the better option.

No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.

Do you actually live in the house? If not then you face a potential capital gains liability when it is sold. If you don’t already own a home of your own then if you do decide to buy your own pad you will do so as an existing home owner and you will have an extra 3% tax to find on top of all your other costs.

Ezii

Yes, I currently live in the property, do you think its necessary to set a deed or as such? to cover myself paying tax incase, I've heard alot of things on socials saying if you ever want to sell it you may have to pax tax, and there's way to avoid that. I'm just curious on that

Ezii

any advice?

edinburgher

You'll probably get more comments on the main mortgages board. This board is for the diaries of people working to pay off their mortgages, most of us aren't there yet...

Ezii

Possible for an admin to move my thread there?

MSE_Laura_F

That's moved. Thanks,

MSE Laura F

Ezii

MSE_Laura_F said:

That's moved. Thanks,

MSE Laura F

Thank you, hopefully I can now get some insight into this

MWT

Did you check the information at the Land Registry as suggested?

This is also something that you would have discussed with your solicitor at the time the property was purchased, do you still have your papers from back then?

Ezii

Sorry for getting back extremely late, I honestly had forgotten about this due to life. I am still looking for an answer or a solution. And @MWT yes I've had a look at land registry and all seems to be in order.

BarelySentientAI

Ezii said:

Sorry for getting back extremely late, I honestly had forgotten about this due to life. I am still looking for an answer or a solution. And @MWT yes I've had a look at land registry and all seems to be in order.

What do you mean "all seems to be in order"?  The question was are you joint tenants or tenants in common?  Are you meaning that you found the wording mentioned so that you are TIC?