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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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My mother died in February leaving a flat worth 340,000. uneder

Resolved Question:

My mother died in February leaving a flat worth 340,000. uneder the terms of her will, my brother and I inherit half each. My brother is happy for me to pay him 170,000 and then I would own the flat. Can we do this without involving a solicitor?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

It would be advisable to involve a solicitor to ensure that the process is done correctly and the deeds are registered in your name upon payment to your brother of the money.

There may be stamp duty land tax to pay for your brother selling his share to you.


May I help further?
Customer: replied 3 years ago.


Could we do this as a transfer of equity? How much would the stamp dury be?

Customer: replied 3 years ago.

Sorry, I have sent you a further question.

Expert:  UKSolicitorJA replied 3 years ago.
Stamp duty land tax is 1% on the £170,000.

Yes, it can be done as a transfer of equity as both of you own one half share of the property.

All the best
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