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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8546
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I am selling my mothers property which at present am nit the

This answer was rated:

Good afternoon,
JA: Hi. How can I help?
Customer: i am selling my mothers property which at present am nit the registered owners obviously to push i very difficult sale through we have been suggested that we change the title and would therefore become the registered owners what are the tax implications regarding this?
JA: Have you talked to a tax professional about this?
Customer: no you are the first person i've asked as the site suggested i do so
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no

Hello and welcome to JustAnswer. I’mCustomer a UK based qualified accountant and tax advisor. I’m here to assist you. I’m reviewing your question and will respond to you shortly.

Please expand on your question

- what is the issue trying to sell your mother's property

- does she live in the property

- is she happy to transfer the ownership of property to you and if so, will you be buying it or will it be gifted to you
Many thanks

Customer: replied 15 days ago.
we have an extremely difficult solicitor to deal with the sale has been going for over six months and should have been very straight forward. My mother passed away last august
Customer: replied 15 days ago.
my sister and myself inherited the property
Customer: replied 15 days ago.
it has been suggested to assent transfer the property to us
Customer: replied 15 days ago.
as we are the executers we would transfer the property to ourselves as we are beneficiaries under both parents wills
Customer: replied 15 days ago.
we then become the registered owners

Thank you for your question.

Please accept my sincere condolences on the loss of your mother.

Have you gone through the probate process. As you have inherited the property, you should be able to transfer the title to yourselves by completing TR1 form at Land Registry. A conveyance or Probate lawyer should be able to assist you.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 15 days ago.
it is the tax implication i was questioning - inheritance tax/? we have been through the probate

Thank you for your reply.

If value of the estate is below the threshold for IHT purposes then there is no inheritance tax payable. Property passing to direct descendent would qualify for additional residence relief.

What is the value of estate?

I hope this is helpful.

Hi there

Just checking to see if you need me to clarify anything or if you have any additional questions - I am happy to help!

Many thanks

Hello there

I'm just checking in to see if you still need assistance with your question. If so, please supply the information requested - I'm here and happy to help you with your query.

If there are no other issues I will appreciate if we could regard this question as answered.

Many thanks

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 14 days ago.
Thanks
Thank you for your reply.

I thank you for accepting my answer.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.