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2nd property tax on inherited property
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sway123
Posts: 1 Newbie
Hi,
Looking for some advice on how to move forward with this. I inherited a property around 6 years ago at 15 years old when my auntie passed away, she left her property to myself and my 2 siblings, we have been renting the house out for a few years now. I am currently looking to now buy my own house, however due to the 2nd home tax I will need to pay over £6k in tax just to buy my own home. At the moment, due to family circumstances we are not in a position to sell the house and my siblings are not in a position to remortgage the property and buy me out of this due to one being self employed with minimal income due to COVID and one being based abroad. Would it be possible for my name to be removed from the deeds now and when they came to selling the property I could still take my share of the money?
Looking for some advice on how to move forward with this. I inherited a property around 6 years ago at 15 years old when my auntie passed away, she left her property to myself and my 2 siblings, we have been renting the house out for a few years now. I am currently looking to now buy my own house, however due to the 2nd home tax I will need to pay over £6k in tax just to buy my own home. At the moment, due to family circumstances we are not in a position to sell the house and my siblings are not in a position to remortgage the property and buy me out of this due to one being self employed with minimal income due to COVID and one being based abroad. Would it be possible for my name to be removed from the deeds now and when they came to selling the property I could still take my share of the money?
Any advice would be appreciated as I am completely clueless.
0
Comments
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You need to find out how the current ownership is set up. It's not possible for you to be on the deeds as 15 year-olds aren't allowed to own property...
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Legal ownership won't matter if you want to retain the beneficial ownership that is what counts.
You could sell or gift your share, if they cannot pay you now , they could owe you the money later.1 -
Download the title register from the Land Registry. It only costs £3. Check exactly who are the registered owners of the property. As you were 15 at the time it could be that the executor or your older siblings are the registered owners.0
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