UK Property Law
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Thanks for your question.
To enable me to answer your question could you please respond to the following:-
Thanks for your Question.
When you buy a stand alone house (eg. Terraced, semi-detached, detached) then interest that you buy is called a freehold interest. When you buy a flat/maisonette the interest that you buy is called a leasehold interest. This is a long version of a lease (eg. 99 or 999 years) and what your father owned.
When you solicitor refers to "leasehold interest" he is referring to the maisonette and the money he received from the sale. He is probably saying that the estate is over £325, 000.00 because the gift of monies from the sale to you and your brother are potentially exempt transfer for inheritance tax purposes, which means that either the whole or a percentage of the monies he gave to you will actually be included in his estate for IHT purposes and calculating the IHT tax liability on the estate.
If the gift of money was made to you more than 3 years ago then the amount included in your father's estate will be reduced by a percentage depending on exactly how long ago the gift occurred.
If this is the case then there is no getting around the rules now that your father has passed away I'm afraid. Your solicitor will explain in detail to you I should have thought.
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