Buying out share in inherited property

J

JJWilde

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If two siblings inherited a house, and then one wanted to buy the other out to attain 100% ownership, is that a simple or expensive process, or similar to buying a house generally? Would there have to be for example conveyancing ? And when would the property be value dated at ?
 
The process is the same as all house buying - a willing seller and a willing buyer agree a price

And yes, there would be conveying involved

You woiuld be well advised to get three or four valuations and then try to agree a price

Presumably, the house was, or will be, valued for probate purposes
 
The house was indeed valued for probate, but due to an extracted period of time to sort things out, that was a couple years ago. And, in my opinion, the value was on the low side at that time....
 
A lot of avoidable cost and uncertainty involved in getting and eventually ranking 3 or 4 valuations when they'll need to base the tax treatment of the agreed deal on a single one, as they're connected parties.

They need a single independent valuation. Anything else is a recipe for conflict including with Revenue.
 
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If you ask three independant valuers for a valuation, you will get three different answers, so how do you decide which one is correct?

Revenue will want to see that a proper valuation at market value was done.
 
jpd said:
If you ask three independant valuers for a valuation, you will get three different answers, so how do you decide which one is correct?
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There's no way of judging that. Apart from wasting your money and time, all you're doing by commissioning three separate valuations is undermining the evidence that you'll ultimately rely upon.
jpd said:
Revenue will want to see that a proper valuation at market value was done.
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A single valuation done properly is wholly sufficient for that purpose.
 
JJWilde said:
The house was indeed valued for probate, but due to an extracted period of time to sort things out, that was a couple years ago. And, in my opinion, the value was on the low side at that time....
Click to expand...
You should get an up to date value at time of sale, hopefully one you can agree on.
In regards to the probate valuation, any increases between now and then could be subject to CGT
 
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