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Where Taxpayers and Advisers Meet

Transfer of property on death

Yiannis17
Posts:91
Joined:Wed Aug 06, 2008 3:43 pm
Transfer of property on death

Postby Yiannis17 » Fri Apr 23, 2021 11:17 am

Morning. I have a situation here where a father and daughter held a property jointly. The father passed away and the will stated that all assets passed onto the deceased's wife. The land registry has yet to be updated and the daughter now has asked if the half share of the property can be transferred onto her so she now owns 100%. If so, do two transfers need to be shown at the land register? ie from Father to wife and then from the wife to the daughter?

Samson22
Posts:52
Joined:Mon Aug 17, 2020 10:54 am

Re: Transfer of property on death

Postby Samson22 » Sat Apr 24, 2021 6:45 am

It does not matter what the will states the property automatically will go to the daughter (legally that is) still will need the relevant land registry form completed with accompanied death certificate. That if it is jointly owned not jointly owned as 'tenants in common'(if it states on deed a certain phraise it is tenants in common and if absent is not - so will reaquaint my self with what is in coming mins )

Another risk is if the fathers share of house is over 325k inheritance tax will be payable.

Hope this helps.

maths
Posts:8255
Joined:Wed Aug 06, 2008 3:25 pm

Re: Transfer of property on death

Postby maths » Sun Apr 25, 2021 2:45 pm

The legal title can only be held as joint tenants. Thus on death of F, the legal title automatically passes to D. D then holds the beneficial interest on trust for herself and the estate of F.

W inherits F's 50% under F's will. If W doesn't want F's 50% F can execute a Deed of Variation (DoV) redirecting her 50% to D.

D need only file with Land Registry (LR) to update the legal title showing only D owns it (using Form DJP).

The executors of F's estate following receipt of the DoV would assent F's 50% directly to D.

D is then the only name on the legal title at LR but holds 100% of the beneficial interest.


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