Left a share of property.

T

trustno1

Registered User
Messages
18
I was left a 1/6 share of a house 2 years ago. House has not been put up for sale given due to a relative living there. All co-owners happy with situation so this is not an issue. One of the co-owners recently offered to buy me out at current market value and I am happy to do so. What would I need to do to transfer my right of my share of the house to the co-owner? Also, would there be any stamp duty issues?
 
It depends on the situation.
Has the estate been administered? Has Probate been extracted?

A simple transfer should suffice, but it gets more complicated if the estate hasn't been administered yet, and the deceased person.
 
Hi J26. I am not exactly sure when you say has the estate been administered and probate been extracted. But I can tell you that the Executor has distributed funds to relatives named in the will. I suppose they could not have happened without all the legal work been completed. The last asset for distribution is the house. Nobody including me is pushing for a sale. It is all very amicable. Assuming probate has been extracted, what needs to be done for a simple transfer?
 
The house is in the name of the Executor (one of the six co-owners) as she was the "Last Public Representative" of the deceased. Does that make sense?
 
It makes sense but it should really be changed if there is not going to be an immediate sale of the property.

The LPR will have to transmit the property into your six names and ( can be done simultaneously) you can sell and transfer your share to your co-owner. She will then be registered as owner of 1/3, and the remaining shares to the four others as 1/6 each.
 
Vanilla. Thank you for your response. Can I ask, assuming I am going to go ahead with this, what do I need to ask the Executor to do to transfer my share. What are the practical steps and what would it cost. Are there any tax implications. The 1/6 share would change hands for €40k.
 
Tax implications- CGT if you're now selling for more than your share was valued at when you inherited, Stamp duty on the value of your share but the transferee will pay this.

Practically- get on to your solicitor and get a quote, they will take it from there. Selling a share in a property is much the same as selling a full property.
 
You must log in or register to reply here.
Back
Top