Dividing up an estate property and cash.

badplasterer

Hi all

I'm the executor dealing with my mum's estate.  She had a house she owned outright and and cash/investments worth a bit more than the value of the house.

There are two beneficiaries, myself and my sister, the will is a very straightforward 50/50 split between us.  Probate has been granted, cash and investments called in, and I'm getting ready to distribute.

We have decided not to sell the house, and that I will keep the house while the equivalent cash value would go to my sister, with the remaining balance split 50/50.  We are both very happy with that arrangement.

Will splitting the estate this way ensure there is no liability for stamp duty?  I'm not having to "buy out" 50% of the house with my own funds, so none payable?

What is the best way to record all this?  I'm thinking a written agreement that we both sign detailing the property, the agreed value etc, plus these details all noted in the executor final account.   I'd rather DIY if possible, don't really want to get solicitors involved as everyone concerned is very amicable.

I've had a bit of a search but all other examples I found seem to involve one party having to inject their own cash to buy out the other party. That's not the case here, but I don't imagine our situation is particularly uncommon.

Perhaps I'm just over thinking it and should just get on with it but would appreciate any others experience, thanks

DE_612183

are you going to live in the house?

are you classed as a first time buyer?

Are you in england, Wales or Scotland?

badplasterer

In England.  No, I won't be living in it, No, not a first time buyer