Probate Granted - Ready to move on

standupnow

My father passed away just over 12 months ago and probate was granted in December 23.  I am the sole beneficiary and executor.  He owned a house which is in his sole name (following the death of my mother).  My husband I also own our own home,  We want to move into my dads old house and sell ours - does anyone know if there any issues with doing this and how I would go about transferring the ownership?  I am concerned that if I do it before I sell our own house that it would be seen that we own 2 properties and therefore it would be subject to Capital Gains Tax?
We did not pay any inheritance tax as the estate was worth less than £600k.  Someone did mention to me that there was a time limit and I wondered if this was the case and if so, what that is ?
Many thanks.

shiraz99

Wait until you've sold your own home first then move in and get the property transferred over via the standard ascent process. If you do this first you will end up owning two properties and this could cause tax issues.

Whilst there's an expectation to be able to fully administer an estate with a year there is no legal requirement to do so and as your the sole beneficiary you can take as long as you wish.

Keep_pedalling

There will be no CGT to pay on your current home as it is has been primary residence up to now. Even if you move into your fathers house before the house is sold there will be no tax issues ether CGT or SDLT. 

Primary residence relief applies to your home for the period you lived in it plus the last 9 months of ownership. In addition when you own two houses you have 24 months to nominate your primary residence for tax purposes so there will be no need to do this unless you current home takes longer than that to sell. In the mean time your current home will remain as the primary residence unless you declare to HMRC otherwise.

The only down side I can see is that if you move in before the 6 months council tax exemption runs out on your fathers property you will be paying two lots of CT.

shiraz99

Keep_pedalling said:

The only down side I can see is that if you move in before the 6 months council tax exemption runs out on your fathers property you will be paying two lots of CT.

At a considerably higher rate for the second property.