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wills and bequests

(5 Posts)
interesting Fri 23-Feb-07 12:45:23

hi.

Long time person here (honest - i know everyone starts like that) but i need real anonymity...

A family friend has just died and left 1/4 of her side of the house to me and my two brothers. Her husband gets the remaining 1/4 to add to his 1/2 (with me so far?).

Now obviously we don't want to kick him out or make it anymore difficult for him than it must already be, but does anyone know what we have to do? Do we have to get something drawn up reflecting this change? Get the deeds changed? Start worrying about CGT? I've really no idea and could do with loads of help.

Thanks.

mumblechum Fri 23-Feb-07 14:12:31

I'd be very surprised if there isn't a life interest clause.
That means that although title can be transferred to be held by her husband, you and your brothers, no sale can take place until the husband dies.

If there is no life interest clause and the husband is resident, he could contest the will.

interesting Fri 23-Feb-07 14:47:38

oh there is a life interest bit involved. And I obviously don't want to kick him out. But it's all a mystery to me - i don't know what else I need to do.

mumblechum Mon 26-Feb-07 10:04:15

I'm afraid you can't do anything in terms of selling the house until he dies.

You need to get a conveyancing solicitor to deal with transferring the deeds into joint names.

Hope this helps.

Ladymuck Mon 26-Feb-07 10:21:49

You will probably be liable to CGT when you finally sell it, but not until then. I say "probably" becuase the law on CGT may well change before that happens. However you will be treated as owning it for now, so may be eligible for reduced rates for longterm holding etc (again it all depends on how the law develops - I assume that it could be quite a while before a sale occurs!)

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