Beneficiary wanting to buy out other beneficiaries from inherited property

glyndwr1999

I have already ruled out a dov

glyndwr1999

getmore4less wrote: »

You could approach an EA with a deal and be honest, you have an offer on the table do they think they can better it.

say 4 weeks to find a buyer and if they do they get x% if not a token say £500.
".

That is a great idea. I shall definat.eynhave that conversation with the ea in the morning, thank you.

Yorkshireman99

You are over complicating the issue. You just have to sell the house and add the proceeds to the the rest of the assets and divide by twelve. Having said that if you are not sure then you really should get paid for legal advice. You cannot afford to just rely on advice from this, or any other, forum. Sorry to be blunt but the only hold up is you.

glyndwr1999

I appreciate the advice, simplistically, yes I am over complicating it maybe, but if that conversation with an ea or with a forum member saves x amount on legal fees then that's not a bad thing.
If legals and ea fees could be saved that equates to close to 3k, not a sum to be taken lightly.

Thanks.

getmore4less

glyndwr1999 wrote: »

thanks for that further info,

Not sure if the money in the estate counts. There was a sum of money in the deceased account.
Tax law is so complex, but simplistically does he have to buy the whole house only to get 1/12 back or pay just 11/12 as he already is entitled to 1/12 via the will.
The saving of sdlt is around £1300, not a massive amount but still a great deal of money if it's not actually payable.

There are two different things going on

The purchase can be done with just the balance due which then gets distributed to the other beneficiary with the rest.

The SDLT is based on the consideration which may or may not include the share of the estate. That is a purchaser issue not yours.