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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Following the death of their brother, in N Ireland, three siblings

Resolved Question:

Following the death of their brother, in N Ireland, three siblings have inherited the family home through his Will.
The three siblings would like to transfer the home to one of them with proportionate value transfer to each,
Ie the sibling getting the house would pay the other two siblings 1/3 of the value to each.
Are there any tax implications? If they agreed to a private transfer of money could the house value be put at a nominal £1.
Is it necessary to transfer the title to the house to the three siblings firstly and then to the one taking possession, or, is a one time transfer directly to the one taking possession possible?
If there are any tax implications what is the most tax-efficient way to proceed
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 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.
May I ask why you wish to put a nominal £1 as the value?
When did the deceased actually pass away?
Clare
Customer: replied 2 years ago.

Hi Clare great to have your help.

That was only an idea to facilitate transfer.

The deceased died last November.

The solicitor we are using is a friend of family and has made a number of mistakes one was getting a beneficiary to sign the will but that has been resolved.

That solicitor is now suggesting that the house firstly be transferred to the three siblings and then to the one who will eventually own it.

Expert:  Clare replied 2 years ago.
Hi
There is no reason to do that.
For Clarity were they left the house specifically - or the estate in total
Clare
Customer: replied 2 years ago.

The estate in total which included the house. Less than the ITT

Expert:  Clare replied 2 years ago.
Hi
In that case the answer is simple.
The sibling who wants the property "buys" it from the estate by paying money in to it so that there is sufficient for an equal division to be made
There is no need for the property to be transferred into the joint names - it can come from the Estate via an Assent
I hope that this is of assistance - please ask if you need further details
Clare
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