property posers Your legal questions answered b* RICHARD BATTRICK.
Can we sell to our daughter? Q We bought a house for our daughter 10 years ago for pounds 40,000 with a loan secured against our home. My daughter has paid the interest all this time. The house is now worth pounds 140,000 and we'd like to sell it to our daughter for what it cost us. Is this a complicated business? A If your daughter agreed 10 years ago to be responsible for and indemnify you in respect of the pounds 40,000 loan it's possible you would be regarded as nominees for your daughter, and that she would be considered to be the true beneficial owner of the property. If you can prove this, then transferring the property to her now would not give rise to any capital gains tax, stamp duty land tax or inheritance tax issues. Discuss it with your solicitor or accountant.
Short changed by executors? Q A wealthy relative died some time ago leaving a business and several properties. I've now been informed that there were only sufficient assets to pay out 50% of any bequest.
However I know that at least one monetary bequest was paid in full. Is it possible to find out what was paid to each beneficiary? A In these circumstances pecuniary legacies are reduced proportionately to leave funds available for the estate's bills. If you have evidence that a pecuniary legatee has not suffered a reduction you should ask the executors to show you the accounts. If they have not followed the rules you could then sue them for your share.
* RICHARD BATTRICK of The Spicketts Battrick Property Company, Albany Road and Clifton Street, Cardiff and Gelliwastad Rd, Pontypridd 029 2046 1480 www.spick-* The advice given here is of a general nature and will not necessarily apply in all circumstances. Readers should consult a solicitor for specific advice.
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|Publication:||South Wales Echo (Cardiff, Wales)|
|Date:||May 12, 2011|
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