CGT on family home

Newly_retired

So sensible to be thinking all theses issues through at this stage, especially when you read on here some of the stressful situations some siblings find themselves in.

thetcutkid

Many thanks for the continued replies, it's much appreciated.

Sea_Shell said:

Even if you find something that is a bit more than your 50% share, you can always come to an agreement to vary that share, say to 60/40.   So you can afford the new place and your sister still gets 40% of the estate.    If your sister was already happy to put her inheritance on the "never, never" then hopefully she'll be open to discussions about a varied cash split.

ETA - This could be a problem for your Mum to accept though.  So maybe don't bring it up.  She maybe has her heart set on you keeping the "family home" and may become upset if she knows it's just going to be sold.   Only you know your Mum.   

Actually my sister has already bought the idea up of me potentially having a larger split of the money from the sale proceeds to allow me to have a larger budget and therefore more options on what to buy - not sure how I feel about that to be honest. My entire estate would be left to her family anyway, so it would find it's way back but I think I'd still like her to have the use of her full share.

I've already spoken to Mum about the possibility that I may not be able to afford to live here and although she wants me to know I can stay here as long as I like, she's pragmatic enough to see how a large chunk of money could benefit my sister's life.

Newly_retired said:

So sensible to be thinking all theses issues through at this stage, especially when you read on here some of the stressful situations some siblings find themselves in.

I couldn't agree more, after posting yesterday I read a few other posts here and it's absolutely heartbreaking to see the situations some people are having to deal with.

Sea_Shell

thetcutkid said:

I couldn't agree more, after posting yesterday I read a few other posts here and it's absolutely heartbreaking to see the situations some people are having to deal with.

It sounds like you have a great family there!!    Open and honest.  It's refreshing to read, as like you say, they are many stories of heartbreak on here.

Unfortunately for some, Family and Money are not easy bedfellows.