Sale of inherited house

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dunkin

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Myself and my brother recently inherited my father's house in equal shares. Both of us are executors of his estate. Probate has been granted and I would like to buy my brothers share of the house off him. He is happy to do this and we have agreed a price which is 50% of the probate valuation. The house is not in our names yet and I was wondering would I be due to pay stamp duty on the transfer of the house into my name and if I was, what rate would I have to pay and would it be on the 50% share I'm purchasing or on the full value if the house? Thanks
 
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Thanks. When I searched I couldn't find anything that related specifically to the question on stamp duty and where we are if you take into account the fact that the house has not been transferred into our names as of yet.
 
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I have just been through this, there is NO stamp duty to be paid.
If you have Probate, your brother can sign a disclaimer of the property for a sum off € ???
You can then fill out the necessary forms, see link attached, scroll down to the flow chart which will tell you what form you need.
Send them off to the PRAI office

www.prai.ie

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Welcome to Tailte Éireann, the new state agency from the merger of the Property Registration Authority, the Valuation Office and Ordnance Survey Ireland.
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This great, thank you! Do you know if a further valuation was needed or can the probate valuation be used for the purpose of the transaction? I presume there are no other CAT liabilities if the sum agreed doesn't exceed the threshold amount for the CAT group?
 
dunkin said:
This great, thank you! Do you know if a further valuation was needed or can the probate valuation be used for the purpose of the transaction? I presume there are no other CAT liabilities if the sum agreed doesn't exceed the threshold amount for the CAT group?
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Whatever the valuation you submitted to the Probate office is what they will use, you have to submit the Probate cert with your paper work ( put a note in to please return) the cert is a very important document & you may need to close bank accounts etc. You also need to submit a Form 17 & pay the appropriate fee, you can find all this on the previous link.

Take your time to go through the website, the forms are a bit tricky, but not rocket science. Good luck
 
Thanks again but it looks like we may not be able to do this. According to our solicitor, it's too late now to go this route because probate has been granted and we did not mention we wanted to do this before the grant was taken out.
 
dunkin said:
Thanks again but it looks like we may not be able to do this. According to our solicitor, it's too late now to go this route because probate has been granted and we did not mention we wanted to do this before the grant was taken out.
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Did you put a lower valuation down for grant ?
 
dunkin said:
Thanks again but it looks like we may not be able to do this. According to our solicitor, it's too late now to go this route because probate has been granted and we did not mention we wanted to do this before the grant was taken out.
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I can't see why you can't do it , is this just the solicitor wanting to extract more money from you?

You could have done the Probate & transfer yourself .

You could contact the PRAI office by email or phone
 
Chelseablue said:
I have just been through this, there is NO stamp duty to be paid.
If you have Probate, your brother can sign a disclaimer of the property for a sum off € ???
You can then fill out the necessary forms, see link attached, scroll down to the flow chart which will tell you what form you need.
Send them off to the PRAI office

www.prai.ie

Home

Welcome to Tailte Éireann, the new state agency from the merger of the Property Registration Authority, the Valuation Office and Ordnance Survey Ireland.
www.prai.ie www.prai.ie
Click to expand...
Does this mean the OP inherits the full value of the estate and, if so, may then be liable for inheritance tax if the value of the house is above the threshold?
 
Chelseablue said:
I can't see why you can't do it , is this just the solicitor wanting to extract more money from you?

You could have done the Probate & transfer yourself .

You could contact the PRAI office by email or phone
Click to expand...
I contacted the PRAI about it and they couldn't confirm exactly what the position was because the disclaimer was revenue related. They advised me to talk to an account and\or solicitor. So I'll be going back to them about it.
 
Chelseablue said:
I have just been through this, there is NO stamp duty to be paid.
If you have Probate, your brother can sign a disclaimer of the property for a sum off € ???
Click to expand...
Are you sure there is no Stamp Duty on a disclaimer for value? Who gave you this advice? If it were not late (and if I were at a desk not typing on a phone) I would check myself- but my reasonably firm recollection is that it does attract stamp duty.
 
Salvadore said:
Does this mean the OP inherits the full value of the estate and, if so, may then be liable for inheritance tax if the value of the house is above the threshold?
Click to expand...

If the estate is divided equally then it would be 50% the value.
They would have filled out a Form SA2 as part of the Probate procedure & this would determent if inheritance was to be paid

MOB said:
Are you sure there is no Stamp Duty on a disclaimer for value? Who gave you this advice? If it were not late (and if I were at a desk not typing on a phone) I would check myself- but my reasonably firm recollection is that it does attract stamp duty.
Click to expand...
Advice from solicitor
 
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