Couple owned property as tenants in common. Husband died last year leaving IIP trust of the property in favour of the wife and then to his adult children. The property has not yet been dealt with in the administration and is still registered in their joint names, with a form A Restriction.
The life tenant wishes to purchase the remainder interest from the beneficiaries, who are in agreement and a sum has been agreed.
I appreciate that there are potentially CGT implications they will need to consider. The consideration is only £100k so I do not believe SDLT would be applicable.
However, my query is how actually to achieve this with the minimum amount of fuss:-
A transfer of equity would presumably be between the trustees (vendor) and the life tenant (purchaser) but the property is not yet vested in them?
Would a Deed of Variation be more straightforward and then a simple application to HMLR to remove the deceased proprietor and Form A Restriction.
Struggling to see the woods for the trees with this one and any help gratefully received.
VP Legal Solicitors