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Hi all
My sister and I inherited a property from our mother. The property wasn't on the land registry, so that is now going through the process of being added along with our names being added to the title. This process according to our solicitor could take up to 15 months.
Things have gone from bad to worse, and i now have to sell my half of the property to my sister.
I suggested that she gifts me the cash for half the property now, and when the land registration and titles are complete, I can either gift her my half of the property and change the names on the title, or to ensure she isn't liable for tax evasion, we retrospectively sell the property and she declares the SDLT.
Would this approach work?
The other option is to go through the solicitor and due to the urgent sale of my half, this might be able to mitigate the Land Registry delay, and have them process all transactions more quickly. However I'm very reluctant to give the solicitors more money...
Thanks
My sister and I inherited a property from our mother. The property wasn't on the land registry, so that is now going through the process of being added along with our names being added to the title. This process according to our solicitor could take up to 15 months.
Things have gone from bad to worse, and i now have to sell my half of the property to my sister.
I suggested that she gifts me the cash for half the property now, and when the land registration and titles are complete, I can either gift her my half of the property and change the names on the title, or to ensure she isn't liable for tax evasion, we retrospectively sell the property and she declares the SDLT.
Would this approach work?
The other option is to go through the solicitor and due to the urgent sale of my half, this might be able to mitigate the Land Registry delay, and have them process all transactions more quickly. However I'm very reluctant to give the solicitors more money...
Thanks