i have a house with my brother and i want to buy him out ,can anyone advise me the best way to do this and i have the money so i don,t need to re_mortgage ,thanks
1. Does your brother agree to be bought out
2.Is there a mortgage at present? If so will the bank agree to you taking over the existing mortgage?
3. What share do you own now and have you had your brothers share valued?
4 Is it your brothers home..is it your home?
5 Have you sought advice on stamp duty and capital gains tax liabilities if any?
You will need to get an independent valuation of the premises and you will need to use a solicitor but if your brother the bank agree and if you have enough money to pay him the market value of his share and any stamp duty(if any) and he is not incurring any cgt then it should be fairly straightforward
yes he agrees and there is a mortgage and i own half and was wondering do we have to go down the mortgage route wen all i want is his name off the deeds ,we bought the house between us,thanks
If there is a mortgage, then you cannot just do this without the consent of the lender. Most people take the opportunity to remortgage the entire into their own name while transferring the title also into their own name. You need to read the rest of Madangans post because other issues arise also.
But it is not just as simple as rubbing your brothers name out !