How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Aston Lawyer Your Own Question

Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10233
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
16368554
Type Your Law Question Here...
Aston Lawyer is online now

Can a deed of variation be applied to retrospectively change

Resolved Question:

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, Solicitor
Category: Law
Satisfied Customers: 10233
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you -

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice