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Initial Disclosure Document

When property buyers contact mortgage providers about a mortgage, they will be sent an Initial Disclosure Document. The Initial Disclosure Document provides information about the services and professional advice that purchasers will receive during the mortgage application process. It will also...

Insolvency policy

A mortgage lender may require an insolvency policy when a property has been sold below its valuation figure. In the event that a sale is made at a lower value when the seller becomes bankrupt, the transactions may also be revised. In certain circumstances, a sale that is made below the...

Income multiples

The amount of money that a prospective home buyer can borrow is determined in income multiples. For example, an individual earning £30, 000 a year would be eligible to receive a mortgage loan of £90, 000, or three times this figure. A couple taking on a mortgage may receive a loan that...

Incumbrance

An incumbrance in a conveyancing procedure refers to a secured loan or a legal charge mortgage that is put towards a property. This may also involve a planning charge, land charge, restrictive covenant or any other condition at the site. An incumbrance could also be an unpaid property tax, an...

Identification

From early 2004, all conveyancing solicitors must request formal identification from their clients. Suitable documents of identification include a passport or a recent utility bill. This legislation is designed to tackle the widespread problem of money laundering and comply with national...

IHT421 Probate Summary

Probate form IHT421 Probate Summary has replaced form D18, to outline those assets in the deceased's estate that will become the property of the executors or personal representatives to distribute among the beneficiaries. You need to complete this form if you are applying for a grant of...

IHT404

The probate form the IHT404 is used as a schedule with form IHT400. The probate form is used to give details of any assets that were owned jointly by the deceased and any other person(s)....

IHT400

The Probate form IHT400 and its supplementary pages (schedules IHT401 to IHT423) as part of the probate or confirmation process if there's Inheritance Tax to pay or the deceased's estate does not qualify as an 'excepted estate'. This form has replaced the old probate form IHT200....

Inheritance Tax Exemptions

There are some things which are exempt from Inheritance Tax such as gifts between husband and wife, and between immediate family. Members of the armed forces never pay inheritance tax if active duty contributed directly to their death.  For more information about limits of and details about...

Inheritance Tax threshold

The Inheritance Tax threshold is the amount above which Inheritance Tax becomes payable. If the Estate including any gifts made during the deceased's lifetime and any assets held in trust, is less than the IHT threshold, no IHT is payable....