Buying siblings share of inherited property - what should I be aware of?

Lummoxley

Hi, myself and my 4 siblings have inherited a property, which is currently in probate. I'm thinking of buying it but I'm confused about what the implications would be, especially CGT.

So, the figures look something like this;

Property value £450k

Estate owes £50k

All siblings wish to gift £50k to another family member out of the estate

Siblings would then receive £70k if we sold

However, we've agreed I can buy the house from them using the equity from my flat to pay the above debt and gift and then give them £50k x 4. I would gain my share plus and additional £80k goodwill from my siblings.

My query is what value should the estate sell to me and what potential liabilities would I expose myself to? There should not be any inheritance tax I think as my parents owned the property as tenants in common.

I will seek professional advice but wondered if you kind people could let me know if this is a sensible idea.

Thanks