Probate requirements re jointly held property
Posted: April 16th, 2024, 9:43 pm
Could anyone clarify the situation/my understanding re the following:
Am I right in thinking:
1. Where a property is held by two people as joint tenants, that upon first death, probate is not required, as the property simply passes to the survivor? Though presumably someone (such as the Executor) will need need to notify the land registry, as title will need to be amended?
2. However, if the property is held jointly, by husband and wife, as tenants in common (50% each), then upon first death, would 50% of the property's value need to be declared for probate purposes? And what would need to happen in terms of the land registry, would there need to be a conveyancing transaction?
An additional question, in the above scenarios, IF a solicitor was assisting the Executor and was charging fees based on a percentage of the value of the estate, would I be right in thinking that the value of the property would not be counted in the fee calculation in the first case/scenario? But in the second case, the fee calculation would likely include the 50% value of the property figure?
Am I right in thinking:
1. Where a property is held by two people as joint tenants, that upon first death, probate is not required, as the property simply passes to the survivor? Though presumably someone (such as the Executor) will need need to notify the land registry, as title will need to be amended?
2. However, if the property is held jointly, by husband and wife, as tenants in common (50% each), then upon first death, would 50% of the property's value need to be declared for probate purposes? And what would need to happen in terms of the land registry, would there need to be a conveyancing transaction?
An additional question, in the above scenarios, IF a solicitor was assisting the Executor and was charging fees based on a percentage of the value of the estate, would I be right in thinking that the value of the property would not be counted in the fee calculation in the first case/scenario? But in the second case, the fee calculation would likely include the 50% value of the property figure?