Advice on what to do with share of house.

housebuyer143

So my dad died in December and he left his share of the house to my sister's and I. My mum has the other half but he did leave her a life interest in the house so she can live there until she dies or sells it and she can purchase another house if she so wanted up to the full value of the current house. We have no interest in taking my mum's money and so will be happy with whatever she wants to do 

I am sorting probate and wanted to check that I can just leave the ownership as it is until after sells it in the future? 

My sister's and I all own a house and don't want to be paying additional stamp duty on an asset we can't do anything with. If we just leave the title as it is, will that stop us having to do this?

Flugelhorn

you wouldn't have to pay stamp duty as you aren't buying the share in the property. 

housebuyer143

Flugelhorn said:

you wouldn't have to pay stamp duty as you aren't buying the share in the property. 

Excellent! So would I just leave the house in my dad's name until something's changes, like my mum moves?

Flugelhorn

housebuyer143 said:

Flugelhorn said:

you wouldn't have to pay stamp duty as you aren't buying the share in the property. 

Excellent! So would I just leave the house in my dad's name until something's changes, like my mum moves?

you can do that - my father was still on the LR 20 years after his death . I think you have to register the trust though ... somebody more knowledgeable will be able to help there 

PS a bit here about it https://forums.moneysavingexpert.com/discussion/6548100/trust-registration-service-clarification

Keep_pedalling

The trust has to be registered within two years of the death. If the surviving spouse dies before the two years is up and the trust has not already been registered then there is no need to do so.

housebuyer143

Keep_pedalling said:

The trust has to be registered within two years of the death. If the surviving spouse dies before the two years is up and the trust has not already been registered then there is no need to do so.

What happens if you don't set up a trust, out of interest? 
Say my mum goes to sell the house in 10 years and by dad is on it and no one has done anything apart from getting probate?

Keep_pedalling

housebuyer143 said:

Keep_pedalling said:

The trust has to be registered within two years of the death. If the surviving spouse dies before the two years is up and the trust has not already been registered then there is no need to do so.

What happens if you don't set up a trust, out of interest? 
Say my mum goes to sell the house in 10 years and by dad is on it and no one has done anything apart from getting probate?

The will creates the trust ion day the testator dies. Not registering it with HMRC could lead to penalties.