Sorry for your loss.
I'd imagine that stamp duty would be owed at the very least.
If anybody could offer a bit of advice I'd be very grateful.
My Mum died in January and I'm executor of the will and a beneficiary. The estate is quite small and she left me all the contents of the house plus half of everything else, house and money.
The other beneficiaries are 2 of my brothers.
I will be keeping the house and paying my brothers their share. Probate has been granted and values agreed.
The question is, could I just change the name on the deeds to myself and pay them their share. This would be the cheapest way for all concerned but am I missing something. It looks fairly straight forward (albeit quite a few forms to be filled in) to change the name on the deeds via the Land Registry web site.
Thanks,
Neil
Sorry for your loss.
I'd imagine that stamp duty would be owed at the very least.
Thank you it was sad. Unfortunately I was the only one that had any contact with her for a number of years, looking after her and her affairs for the last 5 years after she was diagnosed with dementia.
The house is below the stamp duty threshold, so no stamp duty would be due.
change the deeds , you dont technically have to but i am just doing it now and it is a little bit of a faff . I am in a similar position as you but no brothers/ sisters so its not as complicated but the forms have to be spot on and word perfect when you send them back ( AP1 and AS1 ) . You can pm me if you like
If it’s not your only property, I think stamp duty surcharge is still payable?
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For accuracy, it's SDLT these days (not Stamp Duty):
https://www.gov.uk/guidance/stamp-du...rates-apply-to
Looks as if the 3% applies even under the usual £125,000 threshold.
It's probably too late and, in any event, the numbers may not have worked out but would this have helped? ie, could you have a deed of variation that gave you the house and your brothers everything else?
https://www.saga.co.uk/magazine/mone...d-of-variation
https://www.gov.uk/hmrc-internal-man...ual/sdltm00570
I'm out of my depth now but might be worth speaking to a solicitor?