What does Mike have to do?

[RichardCoeurdeLion]

Now that Carol has gone, Mike asked me if i knew what he needed to do regarding their house on the Costa Blanca. I said I'd ask you guys.

The house has no mortgage and is owned 50/50 by Mike and the late Carol.
They've had the present house about 10 years and had a previous one about 15.
They have spanish wills, leaving their shares to each other.

What does he need to do, please?

[gus]

Empty any joint accounts before reporting the death!!

[RichardCoeurdeLion]

BTW
They aren't spanish residents.
It's just a holiday home.

reporting the death.... to whom?

[El Cid]

The Spanish taxman will want to know as he will have to pay inheritance tax on her share of the house.

Sid

[RichardCoeurdeLion]

Thanks Gus and Sid

I presume he will have to get the escrtiura changed to his name only.

He is hoping to sell the house as he has become disenchanted with Spain. He realises the housing market is in dire straits at the mo, and said he will wait until things improve. He doesn't mind waiting, as he gets the odd holiday let which just about covers the running costs. He understands that if he had the capital from the house, he could put it in, say, a 5 year bond, and get about 4.5%, but as he is in the lucky possition of not actally needing the money, he can sit tight.

[Jool]

He will need to go through the relevant procedures to do this, its not as simple as changing name on escritura you have to do the inheritance deed - I suggest a very good Asesor/gestor to help.