Buy out sibling after joint inheritance of mothers home

Mr_Sark

I've searched (google / MSE) for a simple answer, but have yet to find one.

I inherited a half share of a property from my mother (my brother being the other owner), the probate and assets were all sorted and distributed in the middle of last year, IHT all paid.

We've held onto the property as it was beneficial to use it to stay in whilst I was looking for a new home in the area, it is still in my mother's name.

I've now decided to keep the property and live in it permanently, so I need to pay my brother for his half, we've agreed on the amount.

There's no stamp duty to pay as it's below the current threshold, and it will not attract any further IHT or CGT as it's value is the same as when it was assessed for IHT (it needs a lot of work on the interior).

Can I just transfer the money to him and update the land registry with my name, or is it not that simple ?

xylophone

it is still in my mother's name.

You are the executor of your mother's will? Or you both are?

https://help.landregistry.gov.uk/app/answers/detail/a_id/27/~/transfer-property-to-the-beneficiary-after-the-sole-owner-has-died


It might be easier to hand the conveyancing over to a solicitor if you are using one to verify your identities?
This would also give formal evidence of a payment to your brother which could be done via the solicitor - this  make AML  fuss less likely when a large sum hits his bank account?

Mr_Sark

We both were

Thank you for the link