Inheriting parents home with sibling.

khickey88

So my mother wants to make a will so the house that she owns is left to 50/50 between me and my brother. My brother still lives at the property and would more than likely stay living there in the future. When the dreaded day comes would it be just a case of my brother having his name on the house remortgage it for half the value and paying off? House is worth about 190k  and if my brother is potentially handing me over 80k  would there be any tax issues or anything else?
Cheers 

Keep_pedalling

No tax issues, but it is never wise to leave a specific property to anyone as you may not own it any longer by the time of her death. Presumably she will be spitting all of her residual estate between you so that is all the will needs to say.

The main likely problem is, if can’t afford to buy you out,  he  won’t move out.

Notepad_Phil

A further issue would be if the house remained 50/50 between the two of you for a while before being sold - then you'd potentially end up having to pay cgt on any increase in value whilst your brother would not (assuming he continues to live there).

Silvertabby

Notepad_Phil said:

A further issue would be if the house remained 50/50 between the two of you for a while before being sold - then you'd potentially end up having to pay cgt on any increase in value whilst your brother would not (assuming he continues to live there).

Although, to be fair, the brother should pay rent for the half of the property he doesn't own, which should even things up.