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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10345
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My wife and her 2 brothers have recently inherited their fathers

Customer Question

My wife and her 2 brothers have recently inherited their fathers house which has no mortgage. Is it possible for her to buy out her 2 brothers and become the sole owner of the property without the need to pay any stamp duty?
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

I am afraid that if your Wife's brothers do indeed wish to receive their due one third share, Stamp Duty will be payable by your Wife on the two thirds share, as this sum is classed as chargeable consideration for Stamp Duty purposes.

(As you are aware, no Stamp Duty is payable on the one third that your Wife is entitled to).

The only way, therefore, that Stamp Duty would not become payable is if her brothers were happy to give up their one third inheritance each, and agreed to give the whole house to your Wife. In such circumstances a Deed of Variation of her Father's Estate would need to be drawn up, stating that her 2 brothers were prepared to forego their one third of the property and that it should instead pass to your Wife. I doubt very much that your WIfe's brothers would agree to this and forego part of their inheritance. Even if they did, you are looking at legal fees of approx £500 plys VAT in drawing up the Deed.

So, I'm afraid your Wife is really stuck with the Stamp Duty issue.

As rgeards the "additional costs" to be incurred by the Solicitor in dealing with a "purchase", these don't have to be that expensive. It would be normal for searches to be done for a Purchaser, but if your Wife did not want these doing, she can instruct her Solicitor accordingly. Likewise, as it is a family arrangement, the Solicitor can dispense with a Sale Contract and merely prepare the Land Registry Transfer document, which is then signed by your Wife, as Executor, and Buyer.

I am sorry this is not the answer you were looking for, but it sets out the legal position.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10345
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 1 year ago.
ForCustomer
Thank you for your reply.
Would it be possible to buy the property for £125,000 even though the two thirds share is around £195000? The two brothers would readily agree to this as they know that I would make up the difference out of my own pocket once our house has sold. Is this an option or is it totally illegal?!
Expert:  Aston Lawyer replied 1 year ago.

Hi,

As a Solicitor, I am not able to advise you to do anything that is classed as "tax avoidance".

Your Solicitor will take yours and your brothers instructions as to the amount to be paid, and will draft the paperwork accordingly, and pay the due Stamp Duty.

Kind Regards

Al

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