Morning Fools.
I have what is probably a very silly rookie question but hoping someone more knowledgeable can advise.
My late mother passed away in 2022 and the administration of her estate is just now being finalised. She left 50% of her share in the parental home to my father, who still lives there and owns the remaining 50%. So she has gifted him a further 25% on top of what he already owns. The remaining 25% is to be split evenly between me and my three siblings.
I rent my current home and have never owned even a share in a house before. So I am looking to understand what my rights and responsibilities are, and also those of my Dad. Is anyone able to break this down for me, please?
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Inheriting share of property
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- Lemon Quarter
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Re: Inheriting share of property
So Dad owns 75% and you brothers 8.333% each
Im not sure what was in the will if it specified anything. Hopefully family is close so you can agree your own way forward.
Probably dad will be responsible for all bills etc and I assume no rent is paid on the 25% not owned.
Normally as an owner you are responsible for bills and maintenance including insurance. I'm also assuming no mortgage. Is dad leaving the property to the 3 brothers when the time comes. If not that might cause issues later.
Im not sure what was in the will if it specified anything. Hopefully family is close so you can agree your own way forward.
Probably dad will be responsible for all bills etc and I assume no rent is paid on the 25% not owned.
Normally as an owner you are responsible for bills and maintenance including insurance. I'm also assuming no mortgage. Is dad leaving the property to the 3 brothers when the time comes. If not that might cause issues later.
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- Lemon Quarter
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Re: Inheriting share of property
Think there may be 4 of them, so 6.25% each.
My concern might be additional SDLT to pay if the OP later wants to buy his/her own house in future, will they then need to pay the extra 3% rate as they already have an interest in a residential property?
I think the family ought to consider this/take advice before leaving the will as it is, they still look like they could be within the two year window to vary matters.
EDIT
This article looks helpful but paid for advice should be taken.
https://www.moorebarlow.com/blog/inheri ... -land-tax/
My concern might be additional SDLT to pay if the OP later wants to buy his/her own house in future, will they then need to pay the extra 3% rate as they already have an interest in a residential property?
I think the family ought to consider this/take advice before leaving the will as it is, they still look like they could be within the two year window to vary matters.
EDIT
This article looks helpful but paid for advice should be taken.
https://www.moorebarlow.com/blog/inheri ... -land-tax/
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- Lemon Slice
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Re: Inheriting share of property
Charlottesquare wrote:Think there may be 4 of them, so 6.25% each.
Yes, that's how I read it: OP plus 3 siblings. Add the father and there'd be 5 with an interest. I have a vague recollection that there's a maximum (in E&W) of 4 'legal' proprietors being registered.
Perhaps the executor(s) can advise how they intend to proceed.
It may be helpful for OP to get a handle on 'beneficial' vs 'legal' interests:
https://hmlandregistry.blog.gov.uk/2016 ... ifference/
Cheers!
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