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Buy Out Relative

scottishhighlands
scottishhighlands Posts: 3 Newbie
in House buying, renting & selling
My sister and I have recently inherited a house, and I would like to buy her out and live in the house. We have had the house valued. Do I need to give her exactly 50% of the value, or are there other factors to be taken into account - ie savings on estate agent fees, solicitors fees etc etc.
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Comments

  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    what do you think is fair?

    what does she think is fair?

    there is no magic formula, surely you can simply agree between yourselves.
    Obviously she is "saving" her share of any agency commission/selling costs and legal fees.
    That said, you are buying so your own legal fess are not ones she should have to share
    Are you and she really unable to decide something as simple as this
  • Robin9
    Robin9 Posts: 13,062 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just take the middle of the 3 valuations you have - divide by two - shake hands.

    Don't try to penny pinch
    Never pay on an estimated bill. Always read and understand your bill
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Is there anything else in the estate that the two of you may agree to "trade off" against the value of the property?
  • scottishhighlands
    scottishhighlands Posts: 3 Newbie
    I appreciate that I will be liable for my own fees when/if it comes to me purchasing the house. Just wanted to know how it is 'normally' done.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    There won't be any "normal" for private sales between relatives.
    I suggest to be fair you pay the EAs to do this and make it clear this is for a private sale and not an "optimistic" price they may put forward to both get your business and allow the seller to negotiate downwards.
    Eg suppose the price you would get on the open market is £200k. You might advertise it as £210 or £220 to allow you to go downwards to get what you th8nk you can, £200k. So the price you should agree on to split with your sister is £200k.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 2 November 2019 at 12:48PM
    Why not just use the valuation the executors used for the purposes of getting Confirmation?


    ETA Sorry, I see the OP mentions they've already had it valued anyway. I don't see a need to have that value further adjusted.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    scottishhighlands wrote: »
    I appreciate that I will be liable for my own fees when/if it comes to me purchasing the house. Just wanted to know how it is 'normally' done.
    ???


    I thought you were inheritting? What's this about you purchasing?


    and who are the executers out of interest?
  • xylophone
    xylophone Posts: 45,935 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What's this about you purchasing?

    OP and sister inherited the property - he wants to buy out her interest and live in the property.
  • scottishhighlands
    scottishhighlands Posts: 3 Newbie
    My sister and I are joint executors
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    G_M wrote: »
    ???

    I thought you were inheritting? What's this about you purchasing?

    very first sentence
    My sister and I have recently inherited a house, and I would like to buy her out and live in the house
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