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Buying out property from a trust
Tangerine88
Posts: 14 Forumite
Good morning,
I am buying out my late aunt's house which is held in trust by my parents. I am one of four intended beneficiaries of the trust and my own property is sold so this is a cash purchase.
We are somewhat in the dark as to the process, the trust solicitor being a touch uncommunicative. I am being made to purchase the entire property rather than buying out the other parties' interests which although doable is pretty inconvenient/will require a bit of juggling and not what I expected. I will then receive a refund of my own 25%, as it were.
We also have no timeline for completion or summary of what is actually involved.
Can anyone advise on the process, how long it should take etc?
Thanks!
I am buying out my late aunt's house which is held in trust by my parents. I am one of four intended beneficiaries of the trust and my own property is sold so this is a cash purchase.
We are somewhat in the dark as to the process, the trust solicitor being a touch uncommunicative. I am being made to purchase the entire property rather than buying out the other parties' interests which although doable is pretty inconvenient/will require a bit of juggling and not what I expected. I will then receive a refund of my own 25%, as it were.
We also have no timeline for completion or summary of what is actually involved.
Can anyone advise on the process, how long it should take etc?
Thanks!
0
Comments
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What sort of trust is it held in? You may also have to take into account a hefty tax bill the trust will have to pay out on disposal of the property.
The reason you will have to stump up the full cost is that you are not buying anyone out you are purchasing the property from the trust, which means you will also be paying SDLT on 100% of the purchase.1 -
No, it is below the stamp duty threshold and there is no CGT in this instance either.0
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