CA24 Part 4 question on mortgage

[tatsumaki]

Hi, I'm filling out a CA24 form and for Part 4 'Property in the State passing under the Will/Intestacy of the deceased' I have a question.

Situation: Deceased owned apartment worth 300,000. Mortgage balance 90,000.

Question: For Part 4 section 1 (Gross market value at the date of death of real and leasehold property), do I put 210,000e?

OR

Do I put 300,000e, and then in section 11 (Irish debts owing by the deceased and funeral expenses payable in the State), put in Bank name - 90,000e?

 

[Thirsty]

Yr second paragraph is correct.

Make sure you have a statement from bank as at date of death.

 

[tatsumaki]

Thanks Thirsty.

 

[Thirsty]

IANAL

As an aside, I notice from another post that you are not working with a Will but deceased died intestate.

That being the case, I think I would recommend using a solictor.

 

[tatsumaki]

Why? Apart from the obvious reasons

 

[Thirsty]

Intestate.
You have an outstanding mortgage to be redeemed
You have six beneficiaries.
You need to either sell property or do a deed of transfer (six owners is a sure path to trouble in my view)
I think you would be well advised to get a legal opinion.

 

[tatsumaki]

It's a hypothetical solution, but thanks for the advice

 

[PaddyBloggit]

It's a hypothetical solution

What's that?

 

[Thirsty]

hypothetical solution

What on earth?

You mean you've made all this up and you are not actually administering a deceased's estate?

 

[tatsumaki]

What on earth?

You mean you've made all this up and you are not actually administering a deceased's estate?

No I haven't made anything up. Putting 6 people on the deed is a hypothetical option that we have, and I'm merely trying to see if it's plausible or not. To which I haven't gotten any feedback except, 'don't do it' and 'get a solicitor'.

 

[Thirsty]

You're using the wrong words in this context, hence the confusion.

It is entirely possible to have 6 owners if that's what everyone wants.

But think this through.

What happens if owner no. 5 wants to sell their share?

What happens if owner No. 3 dies and leaves their share to their 4 children?

Owners no. 1 and 4 have a major row and refuse to pay their share of maintenance costs.

Read any of the posts where joint owners are trying to resolve property issues and multiply those headaches by three.

 

[tatsumaki]

Thanks Thirsty. I realise its a dangerous option alright.. not necessarily one we'll take.

 

[Thirsty]

I don't see that it's at all dangerous; but it could leave you all open to many issues in the future.