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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33276
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have one sibling and our father died recently. We

Customer Question

Hi there. I have one sibling and our father died recently. We inherited a £600K home and I want to buy my bother out and live in the house and sell mine. My bother believes as I will be benefitting from a £600K house and not paying stamp duty on the whole only the half I buy from him he should share in the stamp duty 'saving'. He forgets I have saved him £5000 in the costs we would incur should we sell the property outright. Is this a common situation what is your advice?
Submitted: 3 months ago.
Category: Law
Expert:  Clare replied 3 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further informtaion first

Who are the executors of the Estate?

Customer: replied 3 months ago.
thanks Me and My brother only
Customer: replied 3 months ago.
Do you need any other info?
Expert:  Clare replied 3 months ago.

Are you raising a mortgage for the purchase?

Customer: replied 3 months ago.
no we will sell our house which we own out right
Expert:  Clare replied 3 months ago.

Just to check - is the property still held in the name of your late father?

Customer: replied 3 months ago.
it is (his wife our mum passed away 16 years ago)
Customer: replied 3 months ago.
Expert:  Clare replied 3 months ago.

My apologies for the delay

Who has told you that Stamp Duty is payable?

Customer: replied 3 months ago.
We have had the house valued at £600k if I buy his half of property I would need to pay him £300,000 which would mean I need to pay £5k in stamp duty. As in effect I have brought a £300K house.However because I will then have a £600K house he believes if he then went and brought a £600K house he would have to pay £20k stamp duty and so I should share the 'saving' I have made but benefitting from gaining a £600k house.
Customer: replied 3 months ago.
My brother as worked this all out
Customer: replied 3 months ago.
Any thoughts ?
Expert:  Clare replied 3 months ago.

Your brother has missed the point entirely

Stamp Duty would not be payable in any event since this is an Inheritance and you are simply "buying him out"

You will pay the money into the Estate and then an AS1 will be completed transferring the property into your name.

In any event even if this was not the case the argument is fallacious - you might not have purchased another property at all!

Please ask if you need further details

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