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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10457
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Can a deed of variation be applied to retrospectively change

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Can a deed of variation be applied to retrospectively change a joint tenancy to tenants in common ?
My father died in June 2015 his house is jointly owned with my mother ( still alive , living in the house , in good health albeit 81 years old ... The house is valued at £850 k )
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Provided your Mother is in agreement, a Deed of Variation can be drawn up within 2 years of your Father's death to retrospectively convert their ownership of the property into tenants in common.
No doubt your Solicitor will be able to confirm this and assist you further, but hope this assists you and answers your question.
If so, I would be grateful if you could rate my answer.
Kind Regards
Al
Kind Regards
Al
Customer: replied 1 year ago.
the answer was clear and response was quick .
Expert:  Aston Lawyer replied 1 year ago.
Thanks.
If I have helped, I would be grateful if you could rate my answer.
Kind Regards
Al
Customer: replied 1 year ago.
Would that change the IHT implications if the property was sold ?
Expert:  Aston Lawyer replied 1 year ago.
Hi,
No, the IHT position remains the same whether the property is held as joint tenants or tenants in common, as your parents share a joint tax free Estate of £650,000.
Kind Regards
Al
Customer: replied 1 year ago.
Thanks so if our motivation for actioning a deed of variation to change to TIC was for IHT purposes. It appears that it is not needed?
Expert:  Aston Lawyer replied 1 year ago.
Hi,
For IHT purposes, it doesn't matter whether your parents to have held the property as joint tenants in common or joint tenants.
Clients retrospectively change property ownership to tenants in common, in conjunction with a Deed of Variation, to reduce the surviving spouse's potential liability for nursing home costs (ie by converting the property to tenants in common, the deceased's 50% share in the house can be gifted to the children, as opposed to the surviving spouse, meaning that if the surviving spouse ever needed nursing home care, they would only be assessed as owning 50% of the property).
I hope this clarifies matters.
Kind Regards
Al
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you -

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