Mum passed away 9 months ago , My bro and I inherited her bungalow and monies in equal shares.
In order to keep what was her bungalow insured etc, we put the deeds of the bungalow into our joint names ( his and mine)
The actual 'pound note' monies remain in the bank, I have executed her will and what is left is to be split between us.
Now comes the problem
Example figures....
Bungalow is in joint name at worth 200k ( example)
Money in executors acc = 200k
My brother wants his share of the cash and his share of the bungalow.
I don't have a problem with either....
Because the bungalow is in joint names, I have to 'buy him out' with my share from the bank. ( so its as broad as its long , money and bungalow= same value)
in doing this, I am going to get clobbered for stamp duty!!
can anyone see a way round this??
In order to keep what was her bungalow insured etc, we put the deeds of the bungalow into our joint names ( his and mine)
The actual 'pound note' monies remain in the bank, I have executed her will and what is left is to be split between us.
Now comes the problem
Example figures....
Bungalow is in joint name at worth 200k ( example)
Money in executors acc = 200k
My brother wants his share of the cash and his share of the bungalow.
I don't have a problem with either....
Because the bungalow is in joint names, I have to 'buy him out' with my share from the bank. ( so its as broad as its long , money and bungalow= same value)
in doing this, I am going to get clobbered for stamp duty!!
can anyone see a way round this??
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