Mother died in 2006 and I was her executor. I also inherited the bulk of her estate after a few bequests. The family wanted to try and retain the family home and as I and my husband decided it was too much to cope with, my younger son and family moved in. Now my son needs to move so the house is on the market. The house is still registered in my mother's name so I am wondering if it is transferred to my son's name, he can sell it as his residence and avoid CGT. Is this a possibility or are there ramifications.
£350000 in her probate - hopefully will make over £400,000. Since the probate £40000 has been spent o it.
Further to your reply - as executor ref the question above - if I transfer the house to my son as suggested are there any implications for me? Is it ok to 'alter' my mother''s Will?Could you confirm that if I gifted the house to my son and he has lived there since the latter part of 2007 - inheritance would no longer come into it - as it is over 7 years ago? Should I have declared anything on my tax return
could you please confirm that this is UK law.? and if I sell the house as executor can you please confirm that there is no liability from any Capital Gains there may be on it.
value at date of death £350,000 and am hoping for £400,000 - but also £30,000 spent on it since she died.
That was one of the reasons I wondered if I could transfer to my son as it has been his principal residence since 2007/8 so if he sells and buys another house CGT would not be incurred, would it?