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Transfer second home

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  • Witsend1
    started a topic Transfer second home

    Transfer second home

    Please can someone help. My second home belonged to my husband and I. When he died he added a codicil to his will which we found a year later to state he wished our second home to be transferred into joint names with my cousin . His reasoning was it was so stressful being a landlord and managing the property with maintenance , rent and tenants and that my cousin could deal with that for half the share of the property. When I spoke to my cousin about this she said there was no need to do that she would manage it on my behalf. However I have now got talking with friends and they are advising me that we should put second property in joint names to avoid some inheritance tax being paid after my death. I want to deal with this as simply and quickly as possible. Will Land Registry require both TR1 and AP1 forms to be completed, along with an ID 1 form and should I look at a joint tenancy ownership or put property in trust. I donít want to use a solicitor. I want to reduce my costs. Can anyone advise please ? I appreciate any help. Thank you.
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  • atticus
    replied
    did you and your late husband own the property as joint tenants or tenants in common? If the former, you became sole owner automatically on his death, and so any transfer of part of the equity may attract an IHT liability.

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