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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34233
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My Sister And Myself Have inherited a house from my Mothers

Resolved Question:

My Sister And Myself Have inherited a house from my Mothers Will. We are thinking of selling it. What Kind of expenses would we incurr (Such as Capital Gains Tax, Stamp Duty etc)
The House is worth £160,000 Approx. This would then be shared between myself and my Sister
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How long is it since Probate was granted?
Clare
Customer: replied 3 years ago.

Grant of Probate has only recently been applied for. My self and my sister are the named executors on my mothers will but my sister has agreed that i shall be the sole proven executor regarding Grant of probate on my mothers estate. My Mother died on the 30th July 2014. I applied for Grant of Probate on the19th of August 2014. We have several options open to us when this comes into fruition. But i just want to be armed with any knowledge at that time.

Expert:  Clare replied 3 years ago.
Hi
Was the estate subject to any inheritance tax?
Clare
Customer: replied 3 years ago.

Hi Clare

No, The total estate consists of the house valued at £160,000 and £16,000 in the Bank. We are waiting for a small insurance claim which will be about £800 but that will be all.

Kelvin.

Expert:  Clare replied 3 years ago.
Hi
In that case you need have no concern.
If you sell the house as Executors then the only cost are the usual sale costs of selling the property.
If there is a lengthy delay then if the house increases in value you may face a potential Capital Gains Tax bill IF there has been a significant increase which is in excess of your allowances - some details here
http://www.hmrc.gov.uk/cgt/intro/basics.htm
There are no other extra costs involved.
Please ask if you need further details
Clare
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