How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34581
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
13262538
Type Your Property Law Question Here...
Clare is online now

, my brother and I have inherited a property from our

Resolved Question:

Hello, my brother and I have inherited a property from our mother and he would like to buy out my share. I have two questions:
1) Will he have to pay stamp duty on the whole or only half the value of the house?
2) Should we formally transfer/register the property into our names rather than he buy the property from the estate (which wold make it clear to the mortgage company etc that he is buying half the property as he already owns the other half). many thanks Sarah
Submitted: 2 years ago.
Category: Property Law
Expert:  Clare replied 2 years ago.
HI
Thank you for your question
My name is Clare
I shall do my best to assist you but I need some further information first.
How much is the property worth and what other assets are there?
Clare
Customer: replied 2 years ago.

Hello Clare,

we have agreed a property value of £290k and my brother has applied for a mortgage of £145k to buy out my half. There are other cash assets (approx 80K) but we prefer to spit these rather than offset them against the value of his portion of the house. Sarah

Expert:  Clare replied 2 years ago.
Hi
On paper in terms of the Estate Accounts in fact they will indeed be offset as it is more appropriate for your brother to purchase the property from the Estate - however this does not mean that you cannot split the capital assets in any way you like
There will be no Land Tax payable - although a return will have to be completed
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

Thank you Clare,

you mention that on paper the assets will be offset as it is more appropriate for my brother to purchase the property from the estate. In reality he would like a mortgage at half the value of the house (145K) to buy me out - and to keep half the value of the other assets (cash) for his own purposes - will this still be possible? In other words - my brother would not wish to buy more than half the house on paper as he does not want a mortgage for more than half the value. Sarah

Expert:  Clare replied 2 years ago.
Hi
In Order to "buy" the house your brother simply needs to pay half of the value of the property into the Estate for distribution (to you)
So yes that is fine
Clare
Clare and other Property Law Specialists are ready to help you