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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3670
Experience:  Solicitors 2 years plus PQE
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My son and I share ownership of our home but would now like

Resolved Question:

My son and I share ownership of our home but would now like to sell and buy our own properties. My son is finding it impossible to extend his mortgage because I am on the deeds. Is there a way to be taken off the deeds.
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Have you offered to the bank either:
1. A personal guarantee or
2. Your share of the property as security?
Kind regards
AJ
Customer: replied 3 years ago.

Thank you for your answer, no we have not thought of that. But I wonder why the bank has not suggested that. However it is something to investigate.

Could you tell me what the situation would be, regards ***** ***** should either one of us died. Our property has been valued at £360,000, that would be £180,000 each. I assumed it would not be liable for inheritance tax, but my Son wonders whether it woud be assessed on the total value.

Expert:  Alex J. replied 3 years ago.

Hi, Thank you. Inheritance tax would only be payable if the value of the deceased party's whole estate is greater than £325,000. You would only pay it on their actual share in property. If there is no evidence of the split (e.g a deed of trust) then it is assumed to be 50/50.

I look forward to hearing from you. Kind regards AJ

Alex J. and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Many thanks, ***** ***** have more questions I would like to ask, but need to talk to my Son. i will come back to you when I am abke to, may not be until tomorrow.

Regards

Margaret XXXXXX

Expert:  Alex J. replied 3 years ago.
Hi,
Thank you.
No problem. I probably will not be able to login tomorrow, so please do not be concerned if you do not hear from me until Friday.
Kind regards
AJ