The Telegraph quotes William Marriott on hidden costs to consider when dealing with the death of a loved one
The Telegraph Money section reveals six hidden costs that many might not have factored into dealing with the death of a loved one. These include:
- Death certificates
- Funeral costs
- Land Registry fees
- Account cancellation and closure fees
- Inheritance tax
- Tax on life insurance payout
William Marriott, Partner and Head of the Private Property group, provides comment on Land Registry fees.
If the deceased owned property, it is necessary to update property records with HM Land Registry in order to complete the transfer of ownership, whether it’s from joint ownership to sole ownership, or changing the name to that of a beneficiary.
There’s no fee to pay to remove a name from joint ownership, but charges are applied when changing to a third-party owner – such as a beneficiary.
In certain circumstances, though, you won’t need to pay up.
“Alternatively, the personal representatives may sell the property to a third party and the purchaser will then be responsible for paying the standard Land Registry fees in the usual way.
"No fee is payable where the name of the deceased is simply being removed from the register, and it is good practice to do this so that ownership records are up to date. However, your solicitor may recommend that further steps are taken where the property is subject to an ongoing trust.”
Read the full article in The Telegraph here.