Mother and son have always lived in property together. In 2016 mother adds son to deeds so they are both joint tenants. So this is a gift as no money exchanged. There is no mortgage on property.
To avoid GROB as joint tenants do they both own 50/50 shares or should they have been tenants in common as 50/50 in order to reduce IHT. Or does it not matter which tenancy they have in land registry. Im wondering if being joint tenants was a mistake in order to avoid grob, should it have been tenants in common?
Also what happens if son dies before mother in the above case?
Also if after 7 years have passed can they sell the property which is their main residence and move into new place and live together with an additional family member as joint tenants? Will the gift in this case carry on?
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