Names added to deeds of inherited house but don’t remember signing anything.

bicyclist

https://forums.moneysavingexpert.com/discussion/comment/81999681#Comment_81999681

"you can give away your home to whoever you like without their knowledge/consent." this would tie everything up! Thanks.

bicyclist

https://forums.moneysavingexpert.com/discussion/comment/81999704#Comment_81999704

It does seem that way, doesn't it! I'm rather surprised it's possible.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/81999704#Comment_81999704

First time buyer relief is worth a maximum of £5,000… whilst there is no de minimis test for the SDLT and so yes you could be given a 5% share of a derelict overseas property worth £10,000 for the total and so be worse off realistically most gifts of a whole property in the UK are going to be worth way more.

CGT would only bite if the value of the property has gone up and its sold, as the seller you would have to sign the paperwork so HMRC won't just come knocking asking for some monies. So yes someone gives you their £30k flat you have to pay the extra £5k on the property you buy and yes when you sell the flat for a some time later for a net profit of £50k so you end up with £80k and a £11k CGT bill and have paid £5k more SDLT… I mean it sounds a hard life but I'd be ok with the free £64k

tetrarch

https://forums.moneysavingexpert.com/discussion/comment/81999707#Comment_81999707

The DoV would mean that your ownership is direct out of the estate and there is no GWR consideration. If this were true then the full value of the house should not have been included in the IHT calcs, thus reducing the liability. You don't say whether any IHT was paid/payable

Regards

Tet

p00hsticks

https://forums.moneysavingexpert.com/discussion/comment/81999704#Comment_81999704

Hardly nothing in return - they're getting a house !

bicyclist

https://forums.moneysavingexpert.com/discussion/comment/81999812#Comment_81999812

No, even using the full value of the house we were still under IHT the threshold (we didn't know any better).

tetrarch

So, in hindsight. Had this transfer NOT been executed then you (and the estate) would have no IHT or CGT liability

Let's park the DoV as that is now not something that you even want to consider and you have no evidence of anyway

Back to the gift. I got this from https://www.boyesturner.com/news-and-insights/when-is-a-gift-not-a-gift

The law

Under English law, a gift is the voluntary and immediate transfer of property from one person (the donor) to another (the donee). In order for a gift to be valid three elements must be met to be legally effective:

• The intention of the donor to give the gift to the donee;
• The delivery of the gift to the donee; and
• The acceptance of the gift.

In your case it looks as though the third element was not met and thus the transfer was invalid

In order to avoid any complication I would be tempted to reverse the TR1 (or TP1) and get the property back into your late Mum's name and then complete afterwards. This may not be possible in time - from a little AI Googling there appears to be an expedited process than can be used if time is of the essence

Good luck

Regards

Tet

bicyclist

https://forums.moneysavingexpert.com/discussion/comment/81999921#Comment_81999921

But doesn't that contradict the "you can give away your home to whoever you like without their knowledge/consent" thing?

user1977

Who registered the TR1? I would have thought the solicitor ought to be acting on behalf of (or at least with the knowledge of) the transferee.

mta999

you can, but if that person later finds out about it and doesn't want it they can reverse the transfer.