Buying sibling's half of inherited property. Advice needed, stamp duty?

Oliroy

My father passed away late last year leaving his house and savings in equal share to my brother and myself. We are the only beneficiaries of my fathers estate, I am the sole executor, and received grant of probate a month ago. The major asset of my fathers estate is the property which still stands in his name. 

I lived in the house with my father, and it is my sole residence. I wish to continue to live here and to buy my brothers half share of the home. I own no other property but did own a flat, which was sold seventeen years ago. 

I had the house valued by three estate agents, their reports and valuations are in writing, and from these valuations I have informally made an offer to my brother for his half, which he has said he'd accept. At the moment the property is still in my late fathers name, and has not been transferred to my brother and myself. Most of my fathers savings have now been distributed, however there was not enough from my share of these to fund half buy out of the house. 

To buy my brothers half share I would buy mortgage free, so am I correct in saying that I'd not need any searches made that a lending company normally would, unless I chose to do?

I have spoken to my fathers solicitor, explaining my wishes. He said this is pretty straight forward, my brother and myself come to a written agreement on price (emails) , and then this sum is transferred, with the land registry being informed of this, as this buy out needs to be recorded. Then the property deeds are transferred from my late fathers name, straight to my name, bypassing my brothers involvement. 

The sum I've offered my brother is well below the £250,000 stamp duty threshold. But would I be liable as I previously owned a flat?

Is my solicitor correct in his understanding, that this is a straight forward agreement, transfer of funds, then property deeds come straight to me? Any advice please? 

Keep_pedalling

You previous flat does not come into the equation, so no impact on SDLT. The house can be transfered into your name once you have purchased your sibling’s share no need to put it in joint names first.

Oliroy

Keep_pedalling said:

You previous flat does not come into the equation, so no impact on SDLT. The house can be transfered into your name once you have purchased your sibling’s share no need to put it in joint names first.

Whats the correct way to go about the transfer of funds and purchase, and who needs to be informed? 

Sea_Shell

I just wanted to say how refreshing it is to read a thread where two siblings have amicably agreed to sort out an estate, where one already lives in the house and wishes to remain.

We normally only hear about the problem cases.