Inherited house
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kelloggs36
Posts: 7,703 Forumite
How does my sister go about buying me out of the house we have both inherited? Do we have to register the house in our names first? Does this involve a fee? We have probate already.
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You do not need to transfer into both names first. You will have valued the house for probate, so it is simply a matter of her giving you the money, and getting the property signed over to her.
It can be done without a solicitor, you just need to complete the appropriate forms with the land registry, for which a small fee is required .0 -
Do she need a mortgage?
Can be easier to buy off the estate like a normal purchase if you do.0 -
She will need a mortgage so that is why I was wondering whether the process would be the same as it is if she were buying a whole house from scratch.0
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Hiw is it different?0
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Not really different at all. She will need a solicitor as the lender wil probably insist. A valuation will be required along with all the other things when buying a house. The fees will be much the same.kelloggs36 wrote: »Hiw is it different?0 -
The legal title is currently still in my mum's name. We are both execitors. If tje house belongs to nobody at present who does she pay? Is it the executors of tje estate? I want to do it as simply as possible so if I don't have to transfer ownership into our names I would rathe not...too many forms!0
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They will need a solicitor to deal with the mortgage and convayancing
They will want things like searches and valuations.
Are they engaging a broker for the mortgage?
Between them they should sort it out.
It is just like buying a house.
She pays full price to the estate.
The estate pays out the money to the beneficiaries.
(in practice this is a paper exercise for the estate accounts and she just pays you your share probably via the solicitor)
There can be issues if you assent first then try to get a mortgage.
(look up 6 month rule).0 -
kelloggs36 wrote: »Does this involve a fee?
Depending upon the value of the 50% share, SDLT (stamp duty) may be due.
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
https://www.theguardian.com/money/2018/mar/12/stamp-duty-share-property-inherited-sdlt0 -
nom_de_plume wrote: »Depending upon the value of the 50% share, SDLT (stamp duty) may be due.
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
https://www.theguardian.com/money/2018/mar/12/stamp-duty-share-property-inherited-sdlt
She is a first time buyer so luckily is exempt from stamp duty.0 -
I had jeard something about this. Does it not apply if she biys the house off estate then?getmore4less wrote: »They will need a solicitor to deal with the mortgage and convayancing
They will want things like searches and valuations.
Are they engaging a broker for the mortgage?
Between them they should sort it out.
It is just like buying a house.
She pays full price to the estate.
The estate pays out the money to the beneficiaries.
(in practice this is a paper exercise for the estate accounts and she just pays you your share probably via the solicitor)
There can be issues if you assent first then try to get a mortgage.
(look up 6 month rule).0
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