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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34278
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Myself and my sister were gifted fathers house around 2

Resolved Question:

Myself and my sister were gifted fathers house around 2 years ago (house below stamp duty level). Can one of us buy the others half share of house whilst father still alive, and are there any implications in doing so. Father would continue to live (rent free) in house.
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is ***** ***** I shall do my best to help you.

Has the house increased in value in this time?

Customer: replied 1 year ago.
not really
Customer: replied 1 year ago.
I would say house has not increased in value in that time
Expert:  Clare replied 1 year ago.

Then there is no reason why one cannot buy the other out as it will not change the underlying position with regard to either Inheritance Tax or Care Home Fees.

There will be Land Registry and stamp Duty to pay but no Capital Gains Tax given what you have said.

Please ask if you need further details

Clare and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
Thanks for the answer Clare, was just a general enquiry as we had no idea we could beforehand.
Thank you.