Probate needed for gifted house?

ian16527

Dad put his house in my name 21 years ago for reasons known to himself.
Its not a high value property and with savings his estate will be no more than £60k. 
He still lived in the house free of rent and I think I read on here that this will have to be declated to probate, even at the low value. 
I am his only son and everything is left to me
I know it may be subject to capital gains tax but i thik ot will be worth less now than in 2004

Keep_pedalling

As it is not in his name probate will not be required. Unless you have also been living there or the property have not gained more than £3000 in value over the last 21 years you will have a capital gains tax liability if you sell it. 

user1977

You don't need probate if it's already wholly in your own name. The value would come into Inheritance Tax calculations because it was a gift with reservation of benefit (because he was still living there rent-free), but if the whole estate is nowhere near IHT limits then that's academic.

p00hsticks

However, I believe that the house would counts as a 'gift with reservation of benefit' as your father continued to live i it without paying rent, so if you do need to get probate for other reasons (e.g. a bank asks for it before releasing any funds) you'd then need to include the value of the house in his estate. 

ian16527

p00hsticks said:

However, I believe that the house would counts as a 'gift with reservation of benefit' as your father continued to live i it without paying rent, so if you do need to get probate for other reasons (e.g. a bank asks for it before releasing any funds) you'd then need to include the value of the house in his estate. 

I think this is what I read about on here. He has been in a care home for 2 years so has depleted his savings so not a great deal left