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Property purchase/investment advice Required

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Hi, I’m after some advice If anyone could be so kind as I have no experience of property investments.


My grandad recent passed away and left his house to my father and 4 siblings. It’s a semi detached 3 bed house which needs refurbishment. In its current condition it’s worth around £250k. How much would they expect to recieve if the house was sold? 


If I were to offer my dad, the eldest and the executor, and his siblings each a cut of money, would it be possible for the house to “gifted” to me? This is assuming they were happy to take a slightly reduced figure, but it means the house stays in the family and gives me the opportunity to get on the property ladder. They are all in their late 60s.


What would be the legal complications behind such a deal? 





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Hi H


In my experience probate is a recipe for plenty on dispute and in-fighting within families, especially if another family member may benefit at the real or perceived expense of another! I had the opportunity to help my parents to avoid an expensive equity release scheme several years ago, but people interpreted my offer in different and inaccurate ways; so, I decided a long time ago not to mix my property interests with my family.


In this case, you have to persuade 5 people (perhaps with their own families?) to accept at least two concessions: a discount and a potential tax avoidance structure.


The transfer to you would create a transfer event and so would be subject to SDLT. The siblings may have a CGT liability if they sell or a potential inheritance tax issue with a genuine gift.


Why would your uncles and aunts gift the property to you; try and see things through their eyes?


The simplest solution is to offer to buy it, perhaps at a small discount and so avoiding estate agent fees. You may be able to persuade your father to gift you his share in lieu of a deposit, but that's a conversation that the 2 of you would need to have clearly.


Good luck!


Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

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