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Sister buying out a share of inherited property - could it be this simple?
DishwashingFairy
Posts: 10 Forumite
My mum, sister and I each own a property in England as Tenants in Common (50% mum, 25% sister , 25% me). Land reg all reflects this accurately. It's owned outright, no mortgage.
Mum has recently died, naming me as Executor of her small (£110k) estate, and me/my sister as 50/50 joint beneficiaries. Fairly straightforward.
Sister wants to own the house, and I want to sell. Sister will have to raise a mortgage to "buy me out". We've agreed a fair market price based on 3 market valuations - let's say £100k.
Is it as simple as:
Her raising a mortgage for £50k
Us submitting Form TR1, ID1 and AP1 to the Land Reg
She transfers the £50k to me by bank
We declare the dispersal of assets for cap gains tax within the time limit
... that's it?
Am i missing something legally obvious? I just want a quick sense check as we're both keen to avoid it going on the market or paying lawers, but also want to do it all 100% above board/legit/ and treat each other fairly.
Mum has recently died, naming me as Executor of her small (£110k) estate, and me/my sister as 50/50 joint beneficiaries. Fairly straightforward.
Sister wants to own the house, and I want to sell. Sister will have to raise a mortgage to "buy me out". We've agreed a fair market price based on 3 market valuations - let's say £100k.
Is it as simple as:
Her raising a mortgage for £50k
Us submitting Form TR1, ID1 and AP1 to the Land Reg
She transfers the £50k to me by bank
We declare the dispersal of assets for cap gains tax within the time limit
... that's it?
Am i missing something legally obvious? I just want a quick sense check as we're both keen to avoid it going on the market or paying lawers, but also want to do it all 100% above board/legit/ and treat each other fairly.
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paying lawers? paying lawyers
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