Splitting the family home - Brother & Sister

[wizabit79]

Hi,

I'd like some advice for my mother, who along with her brother were left the family home when my grandparents passed away last year. They have no other brothers or sisters. At the time of the executorship of the will they had the house valued in order to pay property tax etc. The house is currently empty and my mothers brother has stated his intention to buy out my mothers half share of the house and they have agreed a set price. Obviously, they want to keep tax/solicitors fees etc down to a minimum where they can. I'm just looking for possible options they can choose from in order to do so? Is it even possible for my mother to sign over her half and then for uncle to gift her the money as a separate transaction? Any advice on the matter would be extremely helpful.

 

[mf1]

How much was house valued at for Probate?
How much is house currently worth?
What price have they agreed? Is this market value? More? less?

In simple terms, your mother will sell her share to her brother. She may have a CGT liability - depending on the figures. She will need her own solicitor. She will pay conveyancing fees.

Her brother is buying his sisters share. He will pay stamp duty. He may have a CAT liability - depending on the figures. He will need his own solicitor. He will pay conveyancing fees.

Alternatively, they should take advices on doing a Deed of Family Arrangement.

mf