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Buying house after probate
Comments
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Thanks,everyone, for the replies. I now have clearer idea of the way forward when the time comes.0
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A formal RICS written valuation may help, both wih HMRC for the Inheritance,and for your siblings.But as pointed out, you are way below the IHT threshold so HMRC won' be that concerned.
And if your siblings are happy with agreeing a value based on estate agents and own research/discussion,I don't see much poblem.
Will you need a mortgage to raise the money topay your siblings?
* if yes, the lender will appoint a solicitor.
* if no, you could easily DIY
You simply transfer the property (see below) from your father's name intoyour name, and transfer the agreed amount of cash from your bank to your siblings.
Sorted.
https://www.gov.uk/update-property-records-someone-dies0 -
Would stamp duty not be payable if the consideration exceeds £125,000?You simply transfer the property (see below) from your father's name into your name, and transfer the agreed amount of cash from your bank to your siblings.
Sorted.
https://www.gov.uk/update-property-records-someone-dies0 -
Thanks for the link, a lot to discuss and think about.0
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Thanks for the link, there wouldn't be a mortgage as I'm selling my house.0
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If there's no mortgage, then you could do all the transfer paperwork yourself without great difficulty. If it's not yet registered, there's more involved.
If the property is not registered with the Land Registry, get it done now whilst your father is still alive. If you wait until the house is sold or transfered, the LR fees are quite a bit higher.
Assuming you have all the paperwork to hand when the day comes and there are no complications, you can do it yourself - I did a similar thing four years ago, but it was complicated by having to do a compulsory first registration.Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0
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