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, Solicitor
Category: Property Law
Satisfied Customers: 35054
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
Type Your Property Law Question Here...
Clare is online now

Myself and my sister were gifted fathers house around 2

This answer was rated:

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.

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

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.