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MarianC
MarianC,
Category: Property Law
Satisfied Customers: 1022
Experience:  Expert
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I want advice on land tax, We want to buy the other half

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Hi
JA: Hello. How can I help?
Customer: i want advice on land tax
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: We want to buy the other half share of the inheritance property
JA: Where is the land located?
Customer: In London
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no

Good morning, thank you for your question, do you mean you want advice on Stamp duty?

Kind regards

Marian

Customer: replied 12 days ago.
Hi, I want advice on buying the other half share from my sister
Customer: replied 12 days ago.
We agreed on price couple of years back. Can we go ahead with that price? Will land revenue will object to it as it is lower than market value figure

That should be achievable if your sister is happy to sell that to you and you have a current market value of the property to make her an offer. No, there will not be any objections, was the estate taxable for inheritance tax?

Customer: replied 12 days ago.
The inheritance tax has been all paid.

That's fine then, you are free to make your own arrangements with your sister.

Do you have any further questions?

Customer: replied 12 days ago.
Just to clarify, for example if we agreed to £575,000( that was market price at that time) 4-5 years back and now the property is around 750,000,
Customer: replied 12 days ago.
Which offer I am going to send her?
Customer: replied 12 days ago.
Just to mention that is the full price of the property

I think that your sister would want the current value, otherwise she may as well sell it on the open market as she would lose £100,000.

Customer: replied 12 days ago.
She is happy to sell on agreed price. The price we agreed was the actual market price at that time.
Customer: replied 12 days ago.
That means I can buy her share for £287,500 and pay the stamp duty on that and land revenue will have no objection to it. Is that correct?

That's fine then as long as you have both agreed on the value that is between the two of you.

MarianC and 2 other Property Law Specialists are ready to help you
Customer: replied 12 days ago.
Thank you

Thank you, ***** ***** me again if you have further questions.