What Actions required to update Land Registry post Deed of Probate

MaidaVale3499

Hi,

I would be grateful for directions/links or info re my next steps:

Background

- My mum and dad owned their bungalow as Tenants in Common and in their 2008 respective wills left their respective 50% share of bungalow to me, their only child

- Mum passed away 2015, following successful probate (admin'd by myself due to its simplicity and its low value c£160k),  Land Registry entry for bungalow was updated via a TR1 to reflect the new 50/50 Dad/my ownership

- in 2015, Dad and I took "advice" from an FCA IFA/advisor who advised that Dad should place his 50% into a Lifetime Settlement Trust with him and I as only Trustees.  The SRA regulated legal firm within same Finance Advisers wrote the Trust document and it was signed.

- Dad passed away in October 2023.  Given the complexity & value of his estate, the LST and also an Isle of Man Offshore bond plus extensive but accurate use of "gifts from excess income" and using mums carryover NRB allowance etc I elected to appoint a specialist probate solicitor.  I am sole beneficiary and executor.

- Very quickly the probate solicitor ascertained that not only was the wording of the LST "inadequate and unclear in many areas" but it had also not been registered which had become a requirement in 2020.  For this and other reasons that I want bore you with the Probate Solicitor in consultation with Probate Office advised that the 2008 Will overrides the LST.  

- When the Grant of Probate is issued, the Probate Solicitor has ssid she will draft a Deed of Appointment which will formally appoint the property out of the ‘trust’ and into your father’s estate. 

Finally my QUESTION: 
With the 50% share of the bungalow back in my father's estate and with my armed with  Deed of Probate, do I only need to submit a certified copy of new De3d of Appointment and a completed the TR1 Land Registry form...... or are their other forms and actions that I need to do?
(I have an up to date RICS valuation of bungalow).

Thanks if you all haven't lost will to live!!

PS Even after uk Probate I will have the joy of applying for Isle of Man Probate ref the Offshire Bond.....my advice never be persuaded by an IFA to over complicated one's finances.

Keep_pedalling

Can you tell us who this firm is? The trust was a terrible idea, and certainly would not avoid any IHT as it would be classed as a gift with reservation of benefit so it would never leave his estate. 

MaidaVale3499

Keep_pedalling said:

Can you tell us who this firm is? The trust was a terrible idea, and certainly would not avoid any IHT as it would be classed as a gift with reservation of benefit so it would never leave his estate. 

The advisers were AFH Wealth Management of Bromsgrove.  Their advice has been both terrible and expensive (3% on entry ie c£6k and ongoing mgmt of portfolio 1%).  Their "tenure" reaches 10 years this year and their perf has been very poor.....avg annual growth of 2.6%.   So that coupled with two pieces of bad advice (the LST and the offshore bond), I will be sacking them as soon as I obtain Grant of Probate.  The good news is that the bond issuer (Friends Provident ) has confirmed I can self manage the portfolio of funds within the bond wrapper.

I am giving serious thought to complaining formally  to AFH re the total unsuitability of the advice they provided to Dad.

Keep_pedalling

At least you are dealing with a company regulated by the FCA so you can escalate the complaint if you don’t get anywhere with them.