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Inherited Property

lidofateapot12
Posts: 6 Forumite

Going to try and keep this short and sweet…
my grandmother died in 2017 she left the house to her two children, one being my father.
my grandmother died in 2017 she left the house to her two children, one being my father.
My father bought his sisters half of the property and paid her off… sounds easy right..?
Now, my father has recently died leaving no will. Turns out he never registered the property into his name either. My understanding is this:
My grandmothers name is still on land registry and deeds etc, and the only living beneficiary to my grandmother therefore the house is now hers..? This is what I’ve been told by her which has come from my grandmothers solicitor.
My aunty has said she wants us to have the house and has offered to sell it and give us the money. I believe that wouldn’t be in our (me and my sister) best interest and that the property need to be in our names for us to deal with.
Can it easily be transferred into our names?
Any advise would be greatly appreciated…
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Comments
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If the plan is to sell it there is no point in transferring the house to your father’s beneficiaries. Despite the fact that your father failed to update the LR he was the sole beneficial owner of the house.It would be foolish to sell as though your aunt was an owner as this will result in her having a CGT liability. There must be some form of documentation that proves you father actually bought out your aunt’s share do you have this?2
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If your father bought out his sister is there proof of a financial transction?
Your grandmother left the house to her children so your fathers share would come down to you so your aunt cannot claim sole ownership1 -
I’m currently waiting for bank details for transactions.
My aunty is saying currently that she has sole ownership. She has offered to sell on our behalf which I do not want due to tax implantations, his estate falls under the inheritance tax threshold. I want it to be transferred into mine and my sisters names, not sure how easily that would be..?0 -
lidofateapot12 said:I’m currently waiting for bank details for transactions.
My aunty is saying currently that she has sole ownership. She has offered to sell on our behalf which I do not want due to tax implantations, his estate falls under the inheritance tax threshold. I want it to be transferred into mine and my sisters names, not sure how easily that would be..?Who has been living there all this time?0 -
Keep_pedalling said:lidofateapot12 said:I’m currently waiting for bank details for transactions.
My aunty is saying currently that she has sole ownership. She has offered to sell on our behalf which I do not want due to tax implantations, his estate falls under the inheritance tax threshold. I want it to be transferred into mine and my sisters names, not sure how easily that would be..?Who has been living there all this time?
Who were executors of Gran's will?0 -
Your grandmother died and left the house equally between your father and his sister ie your aunt
This would be joint tenants as the default position unless the will said otherwise
your father then dies and the joint tenancy means your aunt is the sole owner - unless of course proof can be found about the buyout.
Your aunt could sell the house and give you the money or give the house to you as a gift
There may be CGT to pay whatever route is chosen0 -
The land registry was never changed so the property does not pass to the surviving beneficiary. If this was the case, any beneficiary who died shortly after the testator share would pass to a surviving beneficiary rather than their offspring. Tho OP needs to gather any documentation they can with regard to the purchase of the aunt’s share and then take legal advice on how to get this mess sorted out.This sounds horribly like a DIY !!!!!!-up, but if the failure to register the ownership was down to a conveyancing solicitor a complaint needs to be raised.
It is in the interest of the aunt, to avoid having any ownership of the house otherwise she will face an CGT liability and possibly an IHT liability on her estate.0 -
It will depend in part on the wording of the original will. If the estate was to be divided between son and daughter, e.g. as residuary beneficiaries, then the intent was for the property to be sold and the proceeds split. Although that didn't happen because one of the beneficiaries bought out the other, ownership never passed to your aunt. If your aunt were to maintain that she never received her half of the estate, and there is no evidence, then she might have a claim for that half.
If the property was specifically left to both son and daughter then in that case some form of joint ownership arises.0 -
I have never come across a will that went into that sort of detail and it would not be enforceable anyway, it is up to the beneficiaries how to deal with the property between them and it seems that is what happened but no one updated the LR.
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Keep_pedalling said:I have never come across a will that went into that sort of detail and it would not be enforceable anyway, it is up to the beneficiaries how to deal with the property between them and it seems that is what happened but no one updated the LR.
https://trustsdiscussionforum.co.uk/t/joint-tenants-or-tenants-in-common/13928
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