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Buy Out Relative
Comments
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Yes but not a purchase in the traditional sense.
The executers simply transfer the property from the name of the deceased into the name of the OP.
OP gives sister the agreed sum.
I was responding to the post:
Fees are minimal.I appreciate that I will be liable for my own fees when/if it comes to me purchasing the house.0 -
Have you checked the stamp duty situation?scottishhighlands wrote: »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.
If there are no other assets in the estate that can be swapped with your sister then I think you will be liable for stamp duty on the cash you pay which may include the 3% additional property SD if you already own a dwelling0 -
4% extra for Additional Dwellings Supplement ADS if in Scotland and Land and Buildings Transaction Tax LBTT applies.Have you checked the stamp duty situation?
If there are no other assets in the estate that can be swapped with your sister then I think you will be liable for stamp duty on the cash you pay which may include the 3% additional property SD if you already own a dwelling0
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