I have an estate where the assets have all been ascertained and distributed apart from a property. The intention is for the property to be sold so it has not been assented. However – it is now four years on and the property isn’t even on the market yet.
One of the PR’s wants to step down from acting (age/ill health). The simplest way for him to step down would be to assent the property to the four residuary beneficiaries and then job done.
However, one of the beneficiaries is seeking to move house and is concerned that they will then have to pay the additional SDLT 3% rate due to then having an interest in another property. I am of the view that seeing as the estate is essentially settled (but for the property being assented) the beneficiaries have rights over the residential property and therefore the additional SDLT charge would apply irrespective of the date of assent.
I would be delighted if someone could please tell me if I am wrong. Any takers?
Autumn Years Law