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3 Siblings inherit family home. Can we buy out one sibling.

My late mothers home has to be sold to enable her estate to be administered. The home is in disrepair and will be sold cheaply to a builder. (Estimated at £200.000) My sister and I would like to purchase the property and renovate it, however rather than actually having to raise £100.000 each, can we legally give my brother 1/3rd (£50.000), and for him to sign the house over to his 2 sister's? We would value any opinion of how this can be achieved, and if it would be legal. We are aware the increased proceeds would be liable to CGT

Asked on Jun 25 2014, Home Finance in Waterlooville | Report content

Answers (1)

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  • You need to speak to a solicitor. You don't say if your mother left a will or is intestate. It is possible to make a deed of variation in either case, but you really need proper advice from a solicitor.

    Answered on Jun 25 2014, Report content

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