My query is quite similar to Michael3's in that my mother wishes to leave her house to 3 siblings to be divided equally. At present, she has stipulated that the house be sold and proceeds divided equally, however, she now wishes to change this to avoid us being forced to sell if we do not wish to do so straight away.
http://www.askaboutmoney.com/showthread.php?t=139062
What could she say in her will that could take this into account. From the post above, I take it that the house can't stay in the estates name for very long so needs to be transferred to the beneficiary’s names. If there were some sort of cashless sale to the beneficiaries, would there be stamp duty implications as we'd all be 2nd time buyers?
If her will stated that ownership to be transferred to 3 beneficiaries, then there would be no sale as such. Would revenue still want stamp duty for such a transfer?
Can you then say something like, house to be sold on agreement of 2 out of 3 beneficiaries? Would it be simpler, if the market value is really low, to give the beneficiaries first option to buy the house at the low value so if 2 want to keep it and 1 sell, then 2 can buy at low value - is this simpler than needing agreement to sell. (Again, is there any tax benefits to doing it one way than another)
Sorry, not sure if my query is confusing
http://www.askaboutmoney.com/showthread.php?t=139062
What could she say in her will that could take this into account. From the post above, I take it that the house can't stay in the estates name for very long so needs to be transferred to the beneficiary’s names. If there were some sort of cashless sale to the beneficiaries, would there be stamp duty implications as we'd all be 2nd time buyers?
If her will stated that ownership to be transferred to 3 beneficiaries, then there would be no sale as such. Would revenue still want stamp duty for such a transfer?
Can you then say something like, house to be sold on agreement of 2 out of 3 beneficiaries? Would it be simpler, if the market value is really low, to give the beneficiaries first option to buy the house at the low value so if 2 want to keep it and 1 sell, then 2 can buy at low value - is this simpler than needing agreement to sell. (Again, is there any tax benefits to doing it one way than another)
Sorry, not sure if my query is confusing