Probate

SVts

Keep_pedalling said:

SVts said:

Ok thanks for the replies.

Presuming the following is correct would there be any benefit from probate?

The deeds show tenants in common.
Both myself and my sibling have no desire to benefit from the property whilst my father is alive.
Both myself and my sibling have an excellent relationship with my father.

You still need to look at the will, because it will dictate how you proceed. If you actually own part of the property then yes you should get probate and you will need to get a valuation of the property at the date of your mother’s death. It is this valuation that will determine how much CGT you will need to pay when the house is eventually sold.

If on the other hand the will created a trust that needs to be registered with HMRC and late registration can lead to fines.

Although you may have no desire benefit from your inheritance while your father is alive things can still happen that can adversely impact his security if he does have beneficial ownership of the whole house, such as you dying, going bankrupt or getting divorced.

who are the executors of her will?

The executor of the will is my father

Keep_pedalling

SVts said:

Keep_pedalling said:

SVts said:

Ok thanks for the replies.

Presuming the following is correct would there be any benefit from probate?

The deeds show tenants in common.
Both myself and my sibling have no desire to benefit from the property whilst my father is alive.
Both myself and my sibling have an excellent relationship with my father.

You still need to look at the will, because it will dictate how you proceed. If you actually own part of the property then yes you should get probate and you will need to get a valuation of the property at the date of your mother’s death. It is this valuation that will determine how much CGT you will need to pay when the house is eventually sold.

If on the other hand the will created a trust that needs to be registered with HMRC and late registration can lead to fines.

Although you may have no desire benefit from your inheritance while your father is alive things can still happen that can adversely impact his security if he does have beneficial ownership of the whole house, such as you dying, going bankrupt or getting divorced.

who are the executors of her will?

The executor of the will is my father

I would ask him if you could view it before he does any thing about making changes on the land registry, getting this wrong could be a costly mistake. 

SVts

Keep_pedalling said:

SVts said:

Keep_pedalling said:

SVts said:

Ok thanks for the replies.

Presuming the following is correct would there be any benefit from probate?

The deeds show tenants in common.
Both myself and my sibling have no desire to benefit from the property whilst my father is alive.
Both myself and my sibling have an excellent relationship with my father.

You still need to look at the will, because it will dictate how you proceed. If you actually own part of the property then yes you should get probate and you will need to get a valuation of the property at the date of your mother’s death. It is this valuation that will determine how much CGT you will need to pay when the house is eventually sold.

If on the other hand the will created a trust that needs to be registered with HMRC and late registration can lead to fines.

Although you may have no desire benefit from your inheritance while your father is alive things can still happen that can adversely impact his security if he does have beneficial ownership of the whole house, such as you dying, going bankrupt or getting divorced.

who are the executors of her will?

The executor of the will is my father

I would ask him if you could view it before he does any thing about making changes on the land registry, getting this wrong could be a costly mistake. 

My father has a copy of my mothers will.

My father has been quoted £1200ish for the probate procedure to be completed by a solicitor.

So far all I can see what he will gain from spending £1200 is that my mothers name will be removed from the deeds and his children's names added to the deeds plus a figure will be recorded of the estimated house value in 2015 which will aid future capital gain tax payments. 

Keep_pedalling

SVts said:

Keep_pedalling said:

SVts said:

Keep_pedalling said:

SVts said:

Ok thanks for the replies.

Presuming the following is correct would there be any benefit from probate?

The deeds show tenants in common.
Both myself and my sibling have no desire to benefit from the property whilst my father is alive.
Both myself and my sibling have an excellent relationship with my father.

You still need to look at the will, because it will dictate how you proceed. If you actually own part of the property then yes you should get probate and you will need to get a valuation of the property at the date of your mother’s death. It is this valuation that will determine how much CGT you will need to pay when the house is eventually sold.

If on the other hand the will created a trust that needs to be registered with HMRC and late registration can lead to fines.

Although you may have no desire benefit from your inheritance while your father is alive things can still happen that can adversely impact his security if he does have beneficial ownership of the whole house, such as you dying, going bankrupt or getting divorced.

who are the executors of her will?

The executor of the will is my father

I would ask him if you could view it before he does any thing about making changes on the land registry, getting this wrong could be a costly mistake. 

My father has a copy of my mothers will.

My father has been quoted £1200ish for the probate procedure to be completed by a solicitor.

So far all I can see what he will gain from spending £1200 is that my mothers name will be removed from the deeds and his children's names added to the deeds plus a figure will be recorded of the estimated house value in 2015 which will aid future capital gain tax payments. 

You are right to be cautious. Probate is not difficult to do so it really would be an unnecessary expense. 

You say he has a copy of the will, does he know where is the original is.