hello to everyone quick question

[cyberhead]

My father passed away in april my sister and I have inherited his house ..

I have obtained probate just waiting for the letters of admin to arriive

I will be executor of estate ..Everything but house has been dealt with

there is no IHT to pay on the estate ..

Basically my sister wants to keep the house her and her partner will buy my share ,

suits everyone ..

The property is valued approx 250 k ,I have the deeds lease and free hold ..

Her partner will have to obtain the mortgage to pay me my share 125 k (sis doesnt work)

will there be any problems when the house is transferred into his name

I.e what taxes will need to be paid ? is it basically he pays me and we transfer the deeds

etc ...

thanks in advance ...

[enquirer]

Re: hello to everyone quick question

I have obtained probate just waiting for the letters of admin to arriive

Why are there letters of administration?

[cyberhead]

Re: hello to everyone quick question

Why are there letters of administration?

There was no will ,sorry for referring to the granting of the Letters of Admin as probate ,Im not an expert ..

any way the letters of admin (not probate if that makes every one happy ) are on their way.

I will be the the administrator of the estate ,my sister has obviously agreed to this ,as she lives in

Northern Ireland it would be simpler ,If myself who lives in England dealt with the estate most of which

has been done ,bar the house and the deeds of the grave another thing im not particulalry looking forward to .

My worry is that as I will be only recieving half the value of the property that it might look like some kind of

tax avoidance move ,as stated my sister would not be able to obtain a mortgage as she is basically a homemaker

and has no income other than her partners ..

They will also be buying the flat above my fathers ,but thats another story ..

Thanks in advance for any help

[enquirer]

Re: hello to everyone quick question

It seems simple enough - it's an extremely common situation, so it's difficult to see how it could be seen as tax avoidance.

If the money from the house is not going to be invested in a house for you to live in, it is possible that it might be subject to tax. Check this with an accountant.

[bluebottle]

Re: hello to everyone quick question

Regarding the legal position with regard to transfers of deed, you may need to speak to a legal professional specialising in Probate Law. The financial side is, probably, best coming from an accountant, as Enquirer advises.