O
ozzay
New Member
Hi all,
Forgive me for being very weak in knowledge I would like someone to help as I am not even remotely knowledgeable on these topics. When I read things I am all over the place.
My dad bought a property in the 80s in East London.
He passed away in 2006. My mum passed away in 2018.
There are 3 of us (children over 30).
As it stands there is no WILL.
The property is still in my fathers name.
I have a document which my mum and sister set themselves up on in 2007.
Signed by the probate officer, the document states the property and my fathers name and his date of death and says:
"AND BE IT FURTHER KNOWN that administration of all the estate which by law devolves to and vests in the personal representatives of the said deceased was granted by the High Court of Justice on this date to" and then specifies my mums name and my sisters name.
It specifies the gross value of the property below at £334,503. Todays valuation would be around £750k to £800k.
I asked my brother in law to check and he says we will have to pay inheritance tax.
I checked that the inheritance tax will be 40% on anything after £325k, On citizens advice I found something which tells you about rules of intestacy (can't post the URL here).
As I understand she is a trustee and not an executor.
Some questions:
-Can we remortgage the house
-Can we sell the house in anyway without paying any tax
-If we have to pay tax, is this based on the current valuation or the valuation at the time of death
-What happens when we all die who inherits the property and since my brothers name and my name is not on any form what will happen after we die do our children inherit the property somehow?
-Wondering about loopholes to this situation
We want to sell it but if we can't then we will rent it one day.
Forgive me for being very weak in knowledge I would like someone to help as I am not even remotely knowledgeable on these topics. When I read things I am all over the place.
My dad bought a property in the 80s in East London.
He passed away in 2006. My mum passed away in 2018.
There are 3 of us (children over 30).
As it stands there is no WILL.
The property is still in my fathers name.
I have a document which my mum and sister set themselves up on in 2007.
Signed by the probate officer, the document states the property and my fathers name and his date of death and says:
"AND BE IT FURTHER KNOWN that administration of all the estate which by law devolves to and vests in the personal representatives of the said deceased was granted by the High Court of Justice on this date to" and then specifies my mums name and my sisters name.
It specifies the gross value of the property below at £334,503. Todays valuation would be around £750k to £800k.
I asked my brother in law to check and he says we will have to pay inheritance tax.
I checked that the inheritance tax will be 40% on anything after £325k, On citizens advice I found something which tells you about rules of intestacy (can't post the URL here).
As I understand she is a trustee and not an executor.
Some questions:
-Can we remortgage the house
-Can we sell the house in anyway without paying any tax
-If we have to pay tax, is this based on the current valuation or the valuation at the time of death
-What happens when we all die who inherits the property and since my brothers name and my name is not on any form what will happen after we die do our children inherit the property somehow?
-Wondering about loopholes to this situation
We want to sell it but if we can't then we will rent it one day.
