Land Registry AP1 form help

Stormy_Sky

Hi, I apologise in advance if my questions have already been asked and answered. 

I think it’s more to the fact I just want to make sure I have everything correct before I send everything.

If anyone can help I’d really appreciate it. 

My Mother has recently passed away and she's left her property to myself and my children.
We've now got to the stage of filling out forms AS1, AP1 & ID1.

The form we've had the issues with is the AP1, please find below the sections we need help with - 

AP1 –

• Section 4 – Application, priority and fees
  We put the following information - 

Applications in priority - Assent (AS1) 
Price paid/Value - (The value of the property)
Fees paid - £100 (As the value is between £200,001 and £500,000

Is this correct? Do we need to add anything else in this section?

• Section 5 - Documents lodged with this form
  While doing all of this paper work we've found that my late Father is still listed on the deeds so obviously we'd have to send documents regarding his death. 
  We put the following information - 

Death Certificate - (Name of Father) 
Death Certificate - (Name of Mother) 
Probate - (Name of Mother) 

Is this correct? Do i need to send both a death certificate and probate for my Mother?
Is there any other documents i need to list/send?

• Section 14 - Where the application is sent to Land Registry by someone who is not a conveyancer
  We have put the following information - 
  

My name 
(Transferor)

My name 
(Transferee)

Daughters name 
(Transferee)

Sons name 
(Transferee)

Is this correct?

Stormy_Sky

@Land_Registry

Keep_pedalling

Before you submit those forms, are you planning on keeping the house? If you are your children already home owners? 

If you are not planning on keeping the house then you don’t need to transfer it, but I’d you are keeping it, there are some serious implications for your children if the don’t already own property.

Stormy_Sky

Keep_pedalling said:

Before you submit those forms, are you planning on keeping the house? If you are your children already home owners? 

If you are not planning on keeping the house then you don’t need to transfer it, but I’d you are keeping it, there are some serious implications for your children if the don’t already own property.

Hi, yes we're planning on keeping the property and no my children are not home owners.
What are the implications?

Keep_pedalling

Stormy_Sky said:

Keep_pedalling said:

Before you submit those forms, are you planning on keeping the house? If you are your children already home owners? 

If you are not planning on keeping the house then you don’t need to transfer it, but I’d you are keeping it, there are some serious implications for your children if the don’t already own property.

Hi, yes we're planning on keeping the property and no my children are not home owners.
What are the implications?

It would mean they loose their first time buyer status, and when they do come to purchase a home they will be hit with an additional 5% SDLT bill ( just increased in today’s budget)

If you really want to keep it would be better to buy their share out so they get a cash inheritance. Are any of them minors? 

Stormy_Sky

Keep_pedalling said:

Stormy_Sky said:

Keep_pedalling said:

Before you submit those forms, are you planning on keeping the house? If you are your children already home owners? 

If you are not planning on keeping the house then you don’t need to transfer it, but I’d you are keeping it, there are some serious implications for your children if the don’t already own property.

Hi, yes we're planning on keeping the property and no my children are not home owners.
What are the implications?

It would mean they loose their first time buyer status, and when they do come to purchase a home they will be hit with an additional 5% SDLT bill ( just increased in today’s budget)

If you really want to keep it would be better to buy their share out so they get a cash inheritance. Are any of them minors? 

So the SDLT would only be applicable to any property they go on to buy and not to do with the property that was gifted to them in the will?

Not minors, in their 20's & 30's.
We were looking on keeping the property and then letting the property out as we can't afford to keep 2 houses going ourselves. 

Keep_pedalling

Stormy_Sky said:

Keep_pedalling said:

Stormy_Sky said:

Keep_pedalling said:

Before you submit those forms, are you planning on keeping the house? If you are your children already home owners? 

If you are not planning on keeping the house then you don’t need to transfer it, but I’d you are keeping it, there are some serious implications for your children if the don’t already own property.

Hi, yes we're planning on keeping the property and no my children are not home owners.
What are the implications?

It would mean they loose their first time buyer status, and when they do come to purchase a home they will be hit with an additional 5% SDLT bill ( just increased in today’s budget)

If you really want to keep it would be better to buy their share out so they get a cash inheritance. Are any of them minors? 

So the SDLT would only be applicable to any property they go on to buy and not to do with the property that was gifted to them in the will?

Not minors, in their 20's & 30's.
We were looking on keeping the property and then letting the property out as we can't afford to keep 2 houses going ourselves. 

Yes they would not be able to ever able to claim any incentives to help first time buyers such as the first homes scheme and the additional SDLT would be payable if they still own a share in any other property when they do.

https://www.gov.uk/first-homes-scheme

if you can’t afford to buy out their share the best option is to sell and distribute the proceeds, especially if you have zero experience of being a landlord. 

Stormy_Sky

Keep_pedalling said:

Stormy_Sky said:

Keep_pedalling said:

Stormy_Sky said:

Keep_pedalling said:

Before you submit those forms, are you planning on keeping the house? If you are your children already home owners? 

If you are not planning on keeping the house then you don’t need to transfer it, but I’d you are keeping it, there are some serious implications for your children if the don’t already own property.

Hi, yes we're planning on keeping the property and no my children are not home owners.
What are the implications?

It would mean they loose their first time buyer status, and when they do come to purchase a home they will be hit with an additional 5% SDLT bill ( just increased in today’s budget)

If you really want to keep it would be better to buy their share out so they get a cash inheritance. Are any of them minors? 

So the SDLT would only be applicable to any property they go on to buy and not to do with the property that was gifted to them in the will?

Not minors, in their 20's & 30's.
We were looking on keeping the property and then letting the property out as we can't afford to keep 2 houses going ourselves. 

Yes they would not be able to ever able to claim any incentives to help first time buyers such as the first homes scheme and the additional SDLT would be payable if they still own a share in any other property when they do.

https://www.gov.uk/first-homes-scheme

if you can’t afford to buy out their share the best option is to sell and distribute the proceeds, especially if you have zero experience of being a landlord. 

Thank you so much for all the info you've given me. The solicitors never said anything about Stamp Duty for the Grandkids when my mum's will was made. 

I've spoken to the kids and they've decided they'd like to carry on with the transfer of the property which is understandable and they fully understand there will be implications later on down the line.

Now we shall just wait for the help needed with completing the AP1 and the process will hopefully get started. 

Thank you again, i really appreciate the info and the advice  

Keep_pedalling

I would not expect solicitors to advise on that sort of thing it is really down to the beneficiaries to decide what to do with their inheritance. 

RAS

Solicitors aren't tax specialists generally, and at the time there may not have been any tax implications anyway.

Do you kids understand that if they wish to buy a house worth £200k, they will have to pay £10k SDLT because they own a share in the "family home". 

Stormy_Sky

RAS said:

Solicitors aren't tax specialists generally, and at the time there may not have been any tax implications anyway.

Do you kids understand that if they wish to buy a house worth £200k, they will have to pay £10k SDLT because they own a share in the "family home". 

I guess you're right. I guess you sort of expect solicitors to know everything which they're dealing with but that's not the case.

Yeah the kids fully understand the implications they will face if they go ahead with this.