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Mortgage paid off.
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BarelySentientAI said: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.0
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Ezii said:BarelySentientAI said: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.
There should be something there like:
"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"
In Section B maybe?0 -
BarelySentientAI said:Ezii said:BarelySentientAI said: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.
There should be something there like:
"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"
In Section B maybe?
Yes, it does say this along with stating restriction. Also, there is no recent dates with a statement saying the mortgage was paid off, should I be worried?
The last edit was when the mortgage was taken out.0 -
Ezii said:BarelySentientAI said:Ezii said:BarelySentientAI said: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.
There should be something there like:
"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"
In Section B maybe?
Yes, it does say this along with stating restriction. Also, there is no recent dates with a statement saying the mortgage was paid off, should I be worried?
The last edit was when the mortgage was taken out.
Each of you has your own share which is passed on/transferred independently.0 -
BarelySentientAI said:Ezii said:BarelySentientAI said:Ezii said:BarelySentientAI said: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.
There should be something there like:
"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"
In Section B maybe?
Yes, it does say this along with stating restriction. Also, there is no recent dates with a statement saying the mortgage was paid off, should I be worried?
The last edit was when the mortgage was taken out.
Each of you has your own share which is passed on/transferred independently.0 -
Ezii said:BarelySentientAI said:Ezii said:BarelySentientAI said:Ezii said:BarelySentientAI said: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.
There should be something there like:
"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"
In Section B maybe?
Yes, it does say this along with stating restriction. Also, there is no recent dates with a statement saying the mortgage was paid off, should I be worried?
The last edit was when the mortgage was taken out.
Each of you has your own share which is passed on/transferred independently.
Which particular tax implications are you thinking about? Capital Gains? Inheritance?0 -
BarelySentientAI said:Ezii said:BarelySentientAI said:Ezii said:BarelySentientAI said:Ezii said:BarelySentientAI said: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.
There should be something there like:
"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"
In Section B maybe?
Yes, it does say this along with stating restriction. Also, there is no recent dates with a statement saying the mortgage was paid off, should I be worried?
The last edit was when the mortgage was taken out.
Each of you has your own share which is passed on/transferred independently.
Which particular tax implications are you thinking about? Capital Gains? Inheritance?
I was planning for the future in case I ever want to move to a new home and convert this into a rental prospect, or sell this current house, and buy another.0 -
Unanswered still looking for answers0
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If you have more specific questions it would help...... but from what you've posted so far the property is owned equally between the 3 of you, but only you live in the property.That would suggest that your parents 2/3 share would be subject to CGT in the event of a sale and potentially to IHT in the event of their demise (depending on the size of their estate), and they are able to do as they wish with the disposition of their share upon their demise and that choice could also impact the IHT/CGT position.More specific advice would have to come from an advisor with access to the full details.0
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MWT said:If you have more specific questions it would help...... but from what you've posted so far the property is owned equally between the 3 of you, but only you live in the property.That would suggest that your parents 2/3 share would be subject to CGT in the event of a sale and potentially to IHT in the event of their demise (depending on the size of their estate), and they are able to do as they wish with the disposition of their share upon their demise and that choice could also impact the IHT/CGT position.More specific advice would have to come from an advisor with access to the full details.0
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