Taxes on purchase of half an inherited property

MDOTML

I recently became 'tenant in common' (50/50 split) on a bungalow with my cousin (who is now based in America, in case it's relevant). 

The bungalow was originally left entirely to my cousin as part of an estate following the death of my Aunt, but my cousin wanted to gift 50% of the property to me, with me to buy the remaining 50% at a reduced cost (£100,000 is being asked for the remaining 50%, with a current market value on the property of around £300,000) so during the probate process my cousin arranged to have the will amended accordingly. This was done by way of a variation of the will.

I intend to keep my current home and have my son live in the bungalow. My first thought is to simply get a mortgage on the bungalow or borrow against our own home (we have about £80k outstanding on our current mortgage on our house, worth about £350k) and buy the bungalow, but on the basis of 'you don't know what you don't know', I just wondered if there was a better way of doing this, or if there were any pitfalls I should look out for? I contacted several local financial advisors on this, but the couple that replied were only able to offer a consultation with their mortgage advisor.. I'm really looking for bigger picture advise first (I have literally no idea of any taxes or fee's I'll need to pay), then a mortgage if that's the right way forward. 

Sorry for the long post and thank you for any input! 

Keep_pedalling

Has the property actually been put in your names or is it still with the estate?

MDOTML

Keep_pedalling said:

Has the property actually been put in your names or is it still with the estate?

Thank you - It has been put in our names. We got a letter from the solicitors handling the estate saying they had "completed the Assent" on March 31st.

sheramber

Duplicate thread. 

 https://forums.moneysavingexpert.com/discussion/6608536/how-to-buy-a-second-property#latest

MDOTML

sheramber said:

Duplicate thread. 

 https://forums.moneysavingexpert.com/discussion/6608536/how-to-buy-a-second-property#latest

Actually I modified my question on this thread, to include and exclude some of the information following advice on the other thread. So no. But thanks for your input. 

MDOTML

Is anybody able to offer any advice on this - I'm absolutely open to paying for advice from a professional.. at the moment I've hit a brick wall in terms of input, despite even approaching businesses 

Bookworm225

MDOTML said:

Is anybody able to offer any advice on this - I'm absolutely open to paying for advice from a professional.. at the moment I've hit a brick wall in terms of input, despite even approaching businesses 

I do not see any changed info that would alter the response already given in the previous thread