Probate: 99%/1% property

pw1970

A property is split between a son and mother with a 99% / 1% split in the sons favour. The mother lives in the property and has rights to live there until she passes on.

He is now deceased, with his will stipulating that his 99% is left to his daughter.

Ideally it would be good to resolve this before the mother passes on, and put the property 100% in the daughters ownership.  With the 1% cash equivalent given to the mother.

I believe a property valuation is required, and would like to achieve the transfer with the least cost legal wise.

So suggestions and guidance would be appreciated.

Cheers 

Ms_Chocaholic

How old is the mother, if quite old is it worth just hanging on till she dies.

pw1970

In her mid 90s. One issue is the many siblings the son has, feel they, or some, could frustrate the process, even try get the situation overturned so they'd have a better share of the property.  So feel it best to resolve whilst the mothers alive.

Keep_pedalling

Did his will state that his mother could continue living in the property? If it did (as it should) then the will creates an emmediate post death interest trust which means his daughter does not own 99% the trust has legal ownership and his mother beneficial ownership until her death or a point where she decides to or has to move out..

What is the value of the property and how did this unusual split in ownership happen? I ask because if this was because of a gift from his mother it could create some IHT complications for both estates. 

pw1970

That she can remain in the house is written down somewhere, probably the declaration of trust I think.

I did not know about the immediate post death interest trust, that's very useful to know.

Did you mean 'now own' and not 'not own'? 

The property is probably worth about £230k ish

I think it came about as the mother didn't have the funds to buy the house, but the son did, hence the sharing of title in his favour.

RAS

Right to Buy?