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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11564
Experience:  30 years as a practising solicitor.
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Assistant: What is your issue regarding? My mums will she

Resolved Question:

hello
Assistant: Hello. What is your issue regarding?
Customer: My mums will she left a house to me and my sister and some money
Assistant: Where are you located? It matters because laws vary by location.
Customer: Aberdeen
Assistant: Has anything been filed or reported?
Customer: What do you mean?
Assistant: What confuses you?
Customer: Sorry I'll try to explain ... My mum mest a house worth 150k
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: left a house OK
Submitted: 1 month ago.
Category: Scots Law
Customer: replied 1 month ago.
My mum died and left me and my sister (and her husband) 50% each of her estate. They are actually apportioned 2/3 and 1/3 of that 50% each repectively.The house is worth is valued at £149k
There is £69k in money to be shared.
We have agree I will buy the house from them.However, if the house is divided £75k each, and £34.5k each and I then buy their share for £75k l will incur land tax. of £2.5k as it kicks in at £40k.Is there a way this can be done better?For instance, can I pay the estate £39.9k, which then apportions the house fully to me. My sister and her husband then get all the money which is £69k+£39.9k = ~£109k. I have received the same amount from the estate being the value of the house £149k-39.9k =~£109k.Does this make sense or some other suggestion please?
Regards
Bill
Expert:  JGM replied 1 month ago.

Thank you for your question. I am a solicitor in Scotland. I've looked at your calculation. There is no reason why you can't vary the will so that you pay less for the house and they get more of the cash which is already in the estate. A variation of the will has to be made within two years of the date of death and you can quite legally avoid the additional LBTT by paying less consideration.

Customer: replied 1 month ago.
Thanks JGM
I will have to make this suggestion to the solicitor/executor. It was their original proposal to split the house 50:50 which ultimately incurs that £2.5k tax for me on the conveyance. There is a second executor, a layman friend of the family, who agrees is should be done differently. Would you have a suggestion for how I best approach the solicitor on this?
Expert:  JGM replied 1 month ago.

Tell them you all want to vary the will so that you save the ADS on the transaction.

Customer: replied 1 month ago.
Thanks. I will. I thought I was going to get a phone call. I'll be at work the rest of the day maybe we can chat tomorrow..
Expert:  JGM replied 1 month ago.

The system has reported a payment failure and won't allow a phone call. The site should be contacting you directly about this as it's not something that experts can do anything about.

JGM and other Scots Law Specialists are ready to help you
Customer: replied 1 month ago.
Oh? I had over £70 on the card. I agreed to the £24 refundable deposit, and then I agreed to pay £44 for the for the phone call. Dont get it really. Need to understand charges.
Customer: replied 1 month ago.
Can I continue this conversation with JGM?
Customer: replied 1 month ago.
I have updated payment details with new card. Would like to phone call, if possible.
Customer: replied 1 month ago.
If all the beneficiaries and the second trustee agree, can we actually force the solicitor trustee to vary the will of do the settlement in such a way that the tax is avoided? I have a feeling they have set out their stall on this and may not want to backtrack.
Customer: replied 1 month ago.
My brother in law and my sister have in fact told me they'd be happy for the whole house to be left to me and they get the money. Would that be OK?