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death in family tennant in common

245

Comments

  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    mariamcb wrote: »
    thanks - never posted on here! yes there is this on the document:
    'No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court'

    the question really is about CGT.... as i am part owner and dont live in the property
    If you don’t live there there is a potential CGT liability on your portion from the date of purchase to the date of sale. Obviously there is the annual CGT exemption. How much is the gain on your proportion. Is there a will and who is the executor?
  • mariamcb
    mariamcb Posts: 11 Forumite
    hi thanks for coming back to me - bought for 76K will sell for about 280k.will - brother and i left the estate. mum spent a lot on the house doing it up - but no extensions etc.
  • mariamcb
    mariamcb Posts: 11 Forumite
    i could buy out my brother - but at some point will still want to sell it and then still have to pay CGT...
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    mariamcb wrote: »
    i could buy out my brother - but at some point will still want to sell it and then still have to pay CGT...
    You are only liable for CGT on your 18% of the gain. Only a small amount above the CGT allowance. You will need to declare it and probate will be required for the will. Make sure the probate value is accurate compared with the selling price.
  • Keep_pedalling
    Keep_pedalling Posts: 22,759 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mariamcb wrote: »
    i could buy out my brother - but at some point will still want to sell it and then still have to pay CGT...

    If you sell now you have a taxable gain of around £25k, so depending on your current earnings you would pay between £4500 and £7000. If you buy your brother out now and make it your home you will pay nothing now, and if you do sell up in the future the length of occupancy will reduce the amount of tax you may have to pay. A long term occupancy will reduce it to zero.
  • mariamcb
    mariamcb Posts: 11 Forumite
    Cheers.
    I don’t have a legal document that says I own 18% _ just my name on the mortgage and title.
    I guess the HMRC will just have to take my word for it..???
    Also solicitor says I don’t need to do probate as mum only had house and savings.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    mariamcb wrote: »
    Cheers.
    I don’t have a legal document that says I own 18% _ just my name on the mortgage and title.
    I guess the HMRC will just have to take my word for it..???
    Also solicitor says I don’t need to do probate as mum only had house and savings.
    What does the solicitor say about the rest of your queries? Puzzled why you are asking here if you already consulted a solicitor. Usually you do need probate where a property is concerned. Has the solicitor been told something not disclosed here?
  • mariamcb
    mariamcb Posts: 11 Forumite
    Hi the solicitor wasn’t sure and is going to look into it_ I came away a little more confused hence why I’m asking. I’m wondering whether I need to see an tax accountant instead.....
  • Land_Registry
    Land_Registry Posts: 6,317 Organisation Representative
    Part of the Furniture 1,000 Posts Name Dropper
    You posted that both you and your late Mother were owners so IF that is the case and both registered then probate would not be needed to deal with the house. Whether it's needed for anything else I would not know.

    As joint registered owners the legal ownership passes to you as the sole surviving registered owner. The. beneficial ownership is the TIC, will, you and your brother's inheritance etc
    “Official Company Representative
    I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Yorkshireman99 wrote: »
    What does the solicitor say about the rest of your queries? Puzzled why you are asking here if you already consulted a solicitor. Usually you do need probate where a property is concerned. Has the solicitor been told something not disclosed here?

    When will it sink in you don't need probate if there is a surviving legal owners?

    opening line of the OP
    hi - my mum has just died and her property is "tenant in common" with me
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