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Selling a shared inherited property

  • 01-11-2010 4:41pm
    #1
    Tanjam
    Closed Accounts Posts: 1 ✭


    I am a part owner (1/7) of my late mother's house. The house has been valued at €140,000 and each of us basically have a share of €20k each. Two of the siblings wish to buy out the other 5 shareholder and everyone is happy to do so.

    I have a couple of questions however;
    1. what capital gains tax/other tax are the sellers liable for after the sale (if any)?
    2. Are the buyers liable for stamp duty and/or capital gains - neither are first home buyers.
    3. The siblings wishing to buy the property are currently residing in the UK, will they be able to obtain a mortgage to do so?
    4. Lastly, is it possible to conduct such a sale without using solicitors.
    Many thanks.


Comments

  • #2
    Gemini123
    Registered Users, Registered Users 2 Posts: 12 ✭Gemini123


    Does anyone out there know the answer to this? I inherited a property from my late mother along with my sister and brother. My brother has no interest in the property and my sister and I are thinking of buying him out. We are individually under the threshold for inheritance tax. We've had the place valued by three different estate agents and they all came back with roughly the same value. If we buy him out and we sell the property some years later what are the implications as far as tax is concerned? Do we have to pay capital gains tax on the whole amount we get or just the share which we bought from our brother? Thanks


  • #3
    euroboom13
    Registered Users, Registered Users 2 Posts: 650 ✭✭✭euroboom13


    You will need a solicitor (to do titles)
    It is my understanding that the house will be sold in your mothers name which will mean no capitol gains (no gains on home) and then the proceeds divided tax free to siblings(under inheritance tax limits)(may be some tax to non siblings, if any). The buyers may be liable for stamp duty on purchase .I am not an expert but that's how I see it.
    Get a solicitor to give you a fixed price on complete deal!(wont be more than 2k,Will be acting for buyer and seller)
    Good luck


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