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Buying out sibling
Poppy2026
Posts: 2 Newbie
Hi,
Any advice/words of wisdom gratefully received! I own a small flat with my sister in Scotland which we bought together in 2006. It hasn't really appreciated in value and my sister now wants to sell it. I am keen to buy her out and continue to rent it out (as we currently do since both moving out to live with our respective partners a few years ago). What, if any, are the SDLT implications of this (i'm thinking of this tax on second homes as we do both own our own homes with our partners)? Is it as straightforward as me paying her the agreed amount and taking over ownership (through a solicitor)? Or am i liable to be hit with a big tax bill?
Thanks in advance!
Any advice/words of wisdom gratefully received! I own a small flat with my sister in Scotland which we bought together in 2006. It hasn't really appreciated in value and my sister now wants to sell it. I am keen to buy her out and continue to rent it out (as we currently do since both moving out to live with our respective partners a few years ago). What, if any, are the SDLT implications of this (i'm thinking of this tax on second homes as we do both own our own homes with our partners)? Is it as straightforward as me paying her the agreed amount and taking over ownership (through a solicitor)? Or am i liable to be hit with a big tax bill?
Thanks in advance!
0
Comments
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People in Scotland no longer pay SDLT but the newer LBTT instead. Depending on the amounts involved it is possible that you may have to pay LBTT and with the 3% supplement since this is not your main residence.
https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/lbtt10001-lbtt-additional-dwelling0 -
Interesting. Is OP buying a 2nd property, given that he/she already owns it 50%?0
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Do you have a mortgage on the property?0
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