Ste Curious

Registered with Property118.com
Thursday 27th October 2016


Latest Comments

Total Number of Property118 Comments: 2

Ste Curious

11:15 AM, 28th October 2016, About 5 years ago

2nd property tax when buying out share of jointly owned inherited property?

Reply to the comment left by "Laura Delow" at "24/05/2016 - 07:12":

Great advice in your two comments Laura, I have also posted some related questions below but am not sure if you will be notified. Thanks... Read More

Ste Curious

14:00 PM, 27th October 2016, About 5 years ago

2nd property tax when buying out share of jointly owned inherited property?

Great feedback Laura. I have a similar situation currently in progress, maybe you could comment? - Sibling and I inherited house & a little cash, we have completed Probate (no need for solicitors), I will buy out siblings share of house using BTL mortgage and then rent it. This will be a second house attracting Stamp Duty to buy my siblings share. I will buy the share with my wife on a joint mortgage so the rent income tax is split. Question 1: House is still in fathers name, can the Transfer of Equity to my & wife's name with Land Registry be carried out in one step by building society's conveyancing solicitor but only paying stamp duty on the share we are buying out from sibling, OR should I register house inheritance with Land Registry in sibling and my name before the Transfer of Equity to buy out the siblings share? Thus two actions with Land Registry and two admin fees. Question 2: Has the inheritance cash and house got to be split equally, or can my sibling takes a larger share of the cash in the inherited estate, thus is entitled to a lower % of the house, would it attract less Stamp Duty with the Transfer of Equity? Question 3: If the joint mortgage with my wife is just below £125k, then at a later date I remove my name from it, and transfer the house 100% into my wife's name at the Land Registry, would there be any Stamp Duty as no consideration is paid out even though it is a second house, and could my wife then take all the income and I remove it from my tax return? I realise Capital Gains Tax when we sell is better split over two, so maybe this is not worthwhile (unless there is a time limit from which we could transfer back to joint before we sell). Sorry if this is rather detailed.... Read More