Shared inheritance of a House

[fb-b]

My Mothers left my 5 sisters and I equal shares in a house which is not principal private residence. Our Aunt who is still alive, has been living in this house for the last 40 years. We never registered our names on the deeds when my Mother died. House was valued £65,000 at time of her death in 1996. Value today is €180,000 with tenant or €380,000 Vacant. Since then we have come to a private agreement in which only 3 of us have shares in the house.
Questions I would like answered is as follow.
1. Should we register the deeds now or wait until our Aunt dies.

2. Are we subject to stamp duty at todays valuation or date of probate.

3. Will we be subject to Capital Gains Tax from probate date to date of selling,or date of registering our names on deeds to date of selling

 

[Vanilla]

What right has your aunt to live in the house? Is she a part owner? Does she have an exclusive right of residence?

What is your intention as regards this house? Do you intend to sell? If so what about your aunt?

 

[fb-b]

Thanks for your repy...was away for a while hence the delay in getting back to you. My Aunt is entitled to live in the house until her death. She is not a part owner. We do not intend to sell the house while she is still alive. Hope these answers can help you throw light on the matter

Thanks fb-b

 

[Vanilla]

1. Up to you, but if agreement is in place now then you should really do it now because over time things become distorted and people may not sign when time elapses.

2. Stamp duty on a deed of family arrangement will be at the date of the deed- ie when you transfer- and that will be on the market value at the date of transfer.

3. The only possible CGT is on the transfer from the 2 siblings who are ( presumably ) selling their share to the three others. If probate not yet taken out and probate is taken out contemporaneously with the transfer then potentially no CGT.