Grandparent inheritance, CAT, selling house issues

L

LozaD

Registered User
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Hi,

Hoping posters might be able to help me here. In 2003, my granddad signed his house over to me (while still alive). I was the only grandchild and living with my grandparents for the majority of my life (except for the duration of secondary school where I moved in with my mother as she was closer to the school). At the time the solicitor was vague about if I was liable for capital acquisitions tax. After his death in 2006 I continued to live in the house until now.
Now (2013) I want to sell it (can't afford to maintain it esp. with the looming water charges, property taxes here).
I know I need to check this out with a solicitor but does anyone know where I stand. Do I go about selling it as normal?, when will the CAT question arise? (if at all) - and could I be liable for a big tax bill (property valued in 2003 at around 180,000 and now the realistic market value is about 90,000). Do I contact the revenue to check or will this draw their attention to something that has previously been dealt with hopefully but I'm not sure?
I plan to buy an apartment after it sells and possibly move to the UK for a while. Any help at all appreciated, trying to get the money together for a solicitor at the moment.
 
Not sure what advice posters will be able to give but:
1) if the house was gifted to you, you own it.
2) the CAT issue arose on the date of the gift and should have been dealt with at that point. There may have been an exemption that applies so that no tax was due.

You need to talk to the solicitor who dealt with the transfer to confirm that the property is in your name and that the CAT has been dealt with.
 
Thanks Joe_90 for responding. I'll contact that solicitor next week to see where I stand. I think my granddad may have sorted it out before he died but I don't know so I'm just worried that if CAT hasn't been dealt with, what will happen?
 
If the house was transferred then at least it's in your name. The CAT will need to be dealt with but there is a dwelling house exemption so that may eliminate any liability.
 
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