My sister and I were executors to my mothers will in 2009. Her property was left on trust in her will to allow our brother who had never left home to reside in the property as long as he wished.Our solicitor indicated that the deeds should remain in our mother's name until circumstances changed.
In mid 2015 our brother's had deteriorated and he had to go into sheltered accommodation. We realised that our brother would eventually need to go into a care home and so decided to rent the property in order to offset future care costs. At this point our solicitor advised that the property should formally be put into trust and a trust document was duly signed and registered with the Land Registry in our joint names, although the solicitor said in writing that the Land Registry never register the Trust Deed.
The trust was according to the solicitor was "quite simply that we were holding the property to allow our brother to reside there and that on his death the trust would end and the property would be held in our joint names as tenants in common."
The property was rented to family members (sister's granddaughter) from February 2016 until June 2017 when the property was sold to the tenants. Sadly our brother passed away (December 2016) in a care home where he had been in residence for just 2 months and had self financed.
A gain of £15000 has been made from the value of the property at probate to the actual sale in June2017
We are very confused as to whether Capital Gains Tax is applicable and would value any help.
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