Hi,
I have two beneficiaries who under the terms of their grandfather’s will inherit a share of residue that their father would have inherited had he not predeceased. They are inheriting 1/4 of the estate between them. Part of the residue includes a share in a property of which they will each end up owning about 7% of.
The grandfather died in 2012 and his executors are just getting round to administering the estate. The share of the property is unregistered, deeds are lost and the share that the grandfather had has not be registered in anyone’s name.
The mother of the two beneficiaries, who were under the age specification in the will until a couple of years ago, had been paying a share of maintenance of the property on their behalf but stopped about 4 years ago.
The beneficiaries said about two years ago that they did not want the share in the property. They have been sent a deed of variation (which I know is ineffective for writing back for IHT and CGT) to pass their share in the property to their uncles and have been told that doing so will allow them to preserve their first time buyers relief for SDLT.
May concern is that given the length of time that the estate has taken and that maintenance has been paid (and I don’t know why this wasn’t from the estate of the grandfather!) that the deed of variation will allow them to maintain the first time buyers relief. Any comments gratefully received.
Thanks,
Naomi