Deed of Variation

Deed of Variation

Although taxes are one of life’s certainties the amount payable isn’t.

Our clients had drafted similar wills leaving their Inheritance tax allowance (IHT nil rate band) on trust for their family not each other. Since then the law had changed but they lacked mental capacity to change their wills. After the first death we drafted a deed of variation to remove the will trust.

Overview:

Wills can be amended with consent of all affected beneficiaries up to two years after the will writer’s death.

Outcome:

£130,000 Inheritance Tax saving

National Trust Property

National Trust Property

Lease extensions vary vastly. Some leases are virtual freeholds at 999 years others just an additional 99 years.

The cost of obtaining them covers a broad spectrum too. National Trust properties have their own particular rules and regulations.

So an extension was available but not the purchase of the freehold because it is trust property.

We researched the history of their occupation. Our clients met the specified criteria. They had occupied the leasehold house on a long term, at only nominal rent.

We successfully negotiated with the relevant National Trust department.

Overview:

The lease was granted and increased the value of their home.

Outcome:

An extension of fifty years was granted with only a nominal payment for the extension. Our clients were more secure and could undertake further improvements to enhance the property.