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Mortgage paid off.

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2

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  • Ezii
    Ezii Posts: 55 Forumite
    Third Anniversary 10 Posts Name Dropper
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
  • BarelySentientAI
    BarelySentientAI Posts: 2,448 Forumite
    1,000 Posts Name Dropper
    edited 15 May 2024 at 4:38PM
    Ezii 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.
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
    TIC - Tenants In Common.

    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?
  • Ezii
    Ezii Posts: 55 Forumite
    Third Anniversary 10 Posts Name Dropper
    edited 15 May 2024 at 4:48PM
    Ezii 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.
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
    TIC - Tenants In Common.

    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?
    RESTRICTION: 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
     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.
  • BarelySentientAI
    BarelySentientAI Posts: 2,448 Forumite
    1,000 Posts Name Dropper
    Ezii said:
    Ezii 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.
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
    TIC - Tenants In Common.

    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?
    RESTRICTION: 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
     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.
    So that means that you are Tenants In Common.

    Each of you has your own share which is passed on/transferred independently.
  • Ezii
    Ezii Posts: 55 Forumite
    Third Anniversary 10 Posts Name Dropper
    Ezii said:
    Ezii 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.
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
    TIC - Tenants In Common.

    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?
    RESTRICTION: 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
     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.
    So that means that you are Tenants In Common.

    Each of you has your own share which is passed on/transferred independently.
    on the previous post, I do see someone had mentioned "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 courtI see, however, did not have the "RESTRICTION" right before that, if that changes anything not sure but my question remains unanswered regarding the tax implications of the transfers.
  • BarelySentientAI
    BarelySentientAI Posts: 2,448 Forumite
    1,000 Posts Name Dropper
    Ezii said:
    Ezii said:
    Ezii 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.
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
    TIC - Tenants In Common.

    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?
    RESTRICTION: 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
     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.
    So that means that you are Tenants In Common.

    Each of you has your own share which is passed on/transferred independently.
    on the previous post, I do see someone had mentioned "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 courtI see, however, did not have the "RESTRICTION" right before that, if that changes anything not sure but my question remains unanswered regarding the tax implications of the transfers.
    Restriction is the category of comment, the text is what makes it clear about TIC.

    Which particular tax implications are you thinking about?  Capital Gains?  Inheritance?
  • Ezii
    Ezii Posts: 55 Forumite
    Third Anniversary 10 Posts Name Dropper
    Ezii said:
    Ezii said:
    Ezii 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.
    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?
    Where would that be I'm currently looking at the document (Title) from the Land Registry, and and it refers as registered owners with our names respectively. apologizes if I'm being a bit daft. Sorry what is TIC?
    TIC - Tenants In Common.

    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?
    RESTRICTION: 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
     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.
    So that means that you are Tenants In Common.

    Each of you has your own share which is passed on/transferred independently.
    on the previous post, I do see someone had mentioned "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 courtI see, however, did not have the "RESTRICTION" right before that, if that changes anything not sure but my question remains unanswered regarding the tax implications of the transfers.
    Restriction is the category of comment, the text is what makes it clear about TIC.

    Which particular tax implications are you thinking about?  Capital Gains?  Inheritance?
    Both.

    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.
  • Ezii
    Ezii Posts: 55 Forumite
    Third Anniversary 10 Posts Name Dropper
    Unanswered still looking for answers
  • MWT
    MWT Posts: 10,262 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 30 May 2024 at 12:37PM
    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.  
  • Ezii
    Ezii Posts: 55 Forumite
    Third Anniversary 10 Posts Name Dropper
    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.  
    As per the OP, I have a few follow-up questions. In the event of one of our deaths, would any of us be liable to pay CGT, or is CGT only applicable upon the sale of the property? Additionally, is there any way to mitigate or nullify the CGT, such as setting up a deed or locking a bond, as I've heard mentioned on social media? Any insights or guidance on this would be greatly appreciated.
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