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Buying a mortgage free house with a sybling
Alfie1503
Posts: 1 Newbie
i currently own what was the family home. I am single and mortgage free. I increasingly need family support in caring for our 95 year old mother who lives with me. I want to move to Devon where my sister lives with her husband in rented accommodation and I plan to buy a bigger home there (approx £500k) for us all to live in. We would still be mortgage free. I would like the house to be in mine and my sister’s joint names.
Is this possible? What are the tax implications? What happens if one of us dies, how would it affect the other financially?
Help please.
Is this possible? What are the tax implications? What happens if one of us dies, how would it affect the other financially?
Help please.
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Comments
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1. Yes it is possible for the house to be in your and your sister's names. Tenants in common, 50-50 (or another split, 60:40, 75:25, etc) or Joint tenants.2. Assuming that you or your sister will not own any other properties once you buy the place in Devon, the stamp duty due will be approx £15,000 for the house.3. What happens if either of you dies -- If you own the house as Tenants In Common and one of the 2 owners dies, that person's share goes into their estate and is distributed as per their will, or if they have no will, in accordance with the intestacy rules. Each owner can leave their share of the property to whoever they choose.- If you own the house as Joint Tenants, and one co-owner dies, their interest in the property automatically passes to the surviving co-owner, whether or not they have a will.4. IHT - will depend on what others assets you might have.I hope that helps.1
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Something else to consider in all of this - how and when did you become the owner of the former family home?0
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SeeTheonly tax implications are* SDLT on purchase* Inheritance Tax on death of either joint owner which depends on their overall assets (half the value of the property plus their helicopter, yacht, investments, etc....)
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