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I feel this is a multipart question, so please bear with me!
My sister and I are only executors and beneficiaries to my mothers will. I lived in the house and was registered there with her for easily 3-4 years prior to her death. I am still living there. In the meantime I bought a property, didn't live there but was in my name until November 2022 and now its is a SPV LTD for BTL. Since my mothers death, the property has gone up in value, and it looks like I would fall foul to a lot of CGT - possibly.
My questions are would I get some kind of residential relief for living in the property if we sold it for a profit over and above what it was worth at the time of death? Would it be better to look to see this direct from the estate so to speak since we now have probate, or would it be better to put into our joint names (my sister and I) and sell from there even if there is a double conveyance?
It's obviously not just that simple I'm sure but I'd be grateful for any points in the right direction or anything. My solicitor hasn't been forthcoming, and the accountant hasn't answered any of my questions!!!!
My sister and I are only executors and beneficiaries to my mothers will. I lived in the house and was registered there with her for easily 3-4 years prior to her death. I am still living there. In the meantime I bought a property, didn't live there but was in my name until November 2022 and now its is a SPV LTD for BTL. Since my mothers death, the property has gone up in value, and it looks like I would fall foul to a lot of CGT - possibly.
My questions are would I get some kind of residential relief for living in the property if we sold it for a profit over and above what it was worth at the time of death? Would it be better to look to see this direct from the estate so to speak since we now have probate, or would it be better to put into our joint names (my sister and I) and sell from there even if there is a double conveyance?
It's obviously not just that simple I'm sure but I'd be grateful for any points in the right direction or anything. My solicitor hasn't been forthcoming, and the accountant hasn't answered any of my questions!!!!
