Purchasing a shared family home?

anfieldmjj

Hi there,
Has anybody been in situation of buying a inherited home from siblings before and has advice on practical and mortgage advice on it? We currently live and maintain the family home which is currently mortgage free, which me and 5 siblings inherited. All of us have agreed not to sell and signed declaration of trust to sell in 4 years time - or i have 1st option to buy out. My question is, as i am totally inexperienced at this is how would i buyout? ie say the home was valued at 300k would i simply take my cut out 50k - then i would simply be looking for a mortgage of 250k...plus deposits etc? trying to plan in advance of this so that i may well be in position in 4 years to buyout ...many thanks in advance