Advice?- if deeds are in my grandfathers name or if the property ws willed to uncle is it same thing

M

muno

Registered User
Messages
20
We are in a position to build an extension on to my elderly uncles house and granny flat for him .
The house was originally my grandparents who left the house to my uncle in their will .
It will be signed over to mr but I'm wondering for tax purposes etc if it matter if the deeds are in my grandfathers name or if the property was willed to my uncle is it the same thing ? Sorry I'm just so confused over everything and whether the tax both ways would make it even worth my while , even though it's always been a dream of mine to build where I grew up .
 
do you mean signed over to you. I presume the will from grandparents to your uncle was completed and so he should currently be the owner of the property.
 
Yes to me . The house was willed to my uncle but the deeds could possibly be still in my grandfathers name - is that the same thing ?
 
You need to find out what the actual situation is.

Is the title to property in your grandfather's name?
Is the title to property in your uncle's name?

Establish that first.

If the property is still in your grandfather's name, what needs to happen to vest it in your uncle's name? In simple terms, being named in a will is not enough to show ownership such as to pass it on to someone else.
Is it possible to have the property vested in you and what are the tax implications of that?

What are the values here? When did the grandparents die? What was the property worth then? What is the property worth now?

Don't put money into the property until the issues are resolved.

mf
 
Thanks MF that's why I asked here - as you can see I'm totally confused .
Grandfather died in 2000 in his will he said it was my granny's until she died ( 2002 ) then my uncles not sure if the house deeds went into his name then .

What is the situation if the deeds are in my grandfathers name ?

Should I speak to a solicitor now ?
 
answer is yes to speak to a solicitor. You also need to clarify the tax first. As your uncle is still alive he will be transferring the house to you by way of a gift. Has the house always being his principle home and so at the time it was willed to him. If it was not then your uncle may first have a capital gain tax issue. You need clear facts first. Find the deeds and confirm who is on them.
 
Thanks John
Yes has always been his principle residence from birth .
Will get a copy of the deeds and grandfathers will and take it from there
 
You must log in or register to reply here.
Back
Top