I was wondering if someone can assist.
We have received a formal valuation for a property which is currently held as tenants in common 50/50 (Mother & son)
Concerned property was my mother’s principal residence from 1986. She owned this property as joint tenants with my father.
She inherited my fathers share in 2006 when he passed away.
In 2010 she gave a 50% share to me (son) we owned and lived in the property together till 2016 when we both moved out and it became a buy to let.
Now in 2020 she is transferring her remaining 50% share to me (son)
In relation to PPR and lettings relief does the entitlement change at any point i.e does it need to be calculated any differently to the traditional method?.
1:-My mother and I became tenants in common in 2010?.
2:- And does the entitlement change when my father passed away in 2006?
3:- Lastly does the entitlement change from the period my mother and father first purchased the property in 1986 till his passing in 2006?.
I just want to make sure that we don’t or do need to calculate the PPR any differently and the letting relief any differently for the times/ownership and transactions listed above.
A:- Original purchase price by mother & father £72,000 (1986)
B: -Retrospective valuation confirmed of £250,000 (2007) death of probate when father passed away. Property went to my mothers sole name after initially being joint tenants with late father. Mother resided at the property after father death.
C: - Mother transfers 50% equity to son in 2010 ( both mother and son lived at the property)
C: - 2016 Both mother and son leave property and property becomes buy to let
D: - 2020 mother wishes to transfer remaining 50% equity, value confirmed of entire property £550,000. Value confirmed of mothers current 50% share/equity of property £233,000 as of Feb 2020
Any help will be greatly appreciated.