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Gaining a beneficial interest
Sea_Shell
Posts: 10,261 Forumite
If someone pays towards improvements and or renovations to a house they've lived in for many years, but don't co-own, AIUI they can gain an interest in the property worth £X
If this isn't formalised before they die, does the executor have a LEGAL DUTY to pursue this for the beneficiaries (especially if they are not the owner)?
Or can they just ignore / let it slide and deal with the actual estate?
Does potential IHT also change the dynamic?
All this assumes that the money spent is obvious and known about.
If this isn't formalised before they die, does the executor have a LEGAL DUTY to pursue this for the beneficiaries (especially if they are not the owner)?
Or can they just ignore / let it slide and deal with the actual estate?
Does potential IHT also change the dynamic?
All this assumes that the money spent is obvious and known about.
How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
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Comments
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Have full and detailed records been kept including RICS valuations at the appropriate times?
Is the contributor sharing the losses?Posts are not advice and must not be relied upon.0 -
Likely just a bank transfer(s) within the last 7 years for building works. Which would come to light whilst administering the estate.richardw said:Have full and detailed records been kept including RICS valuations at the appropriate times?
Is the contributor sharing the losses?
No valuations.
What losses? Unlikely to ever be in negative equity, as not mortgaged.How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
I'm no expert, but in my view if you're going down that route you'd also need to take into account the fact that they've lived (presumably) rent-free in the accommodation for many years, which may well offset the money they've contributed to improvements (which they will also have benefitted from).2
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So one can be "offset" against the other?p00hsticks said:I'm no expert, but in my view if you're going down that route you'd also need to take into account the fact that they've lived (presumably) rent-free in the accommodation for many years, which may well offset the money they've contributed to improvements (which they will also have benefitted from).
Does an executor have a legal duty to ascertain (prove) what any "net" contribution may have been?
How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
What is the exact relationship between the deceased and the house owner?0
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Keep_pedalling said:What is the exact relationship between the deceased and the house owner?
Long term partner. 'Deceased' still legally married, estranged.How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
You are not bending very transparent here, I am still not clear if this person is still with us or not.Sea_Shell said:Keep_pedalling said:What is the exact relationship between the deceased and the house owner?
Long term partner. 'Deceased' still legally married, estranged.This money could have given them a beneficial interest in the house or it could have been a gift. With no documentation saying otherwise then I would assume it was a gift and treat it as such in administering the estate. If the person is still alive and is still compos mentis then they are in a poison to clarify the situation.0 -
Is it the deceased that may have gained an interest in the property they don't own but lived in for many years and made contributions towards maintenance?
Or, is it the partner of the deceased that may have gained this interest, and the partner of the deceased still very much alive?0 -
Keep_pedalling said:
You are not bending very transparent here, I am still not clear if this person is still with us or not.Sea_Shell said:Keep_pedalling said:What is the exact relationship between the deceased and the house owner?
Long term partner. 'Deceased' still legally married, estranged.This money could have given them a beneficial interest in the house or it could have been a gift. With no documentation saying otherwise then I would assume it was a gift and treat it as such in administering the estate. If the person is still alive and is still compos mentis then they are in a poison to clarify the situation.
If that's the default legal position - gift (without any documentation to the contrary) then that's all I need to know...for now.
How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
Seems to me there is a degree of moral hazard providing responses to this OP, without proper explanation of the entirety of the background, context and circumstances of the various players in this 'domestic' opera.
My concern is the OP maybe cherry picking aspects of responses here which suits their own objectives and desired outcome.3
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