Property sales

question

Posted by: Antoinette de Goede | 2015/03/09 10:27

From my dad's will the house will be transferred to my name and I will pay half of the value to my sister

My dad made up his will that I will be taking ownership of the house on his passing but I will have to pay my sister half of the value of the house at that stage. We will be going on pension in near future and would like to transfer the house before we make any refurbishments to the house. I have two valuations for the house and on our retirement date half the value of the house will be transferred to my sister. My dad will be staying with us and we will be building a flat onto the house for his needs. What will be the best for us to do......do we need to buy the house? Can it just be transferred to me and my husband and the monies own to my sister be paid over? Can you please assist

expert answer

Posted by: Carol Reynolds | 2015/07/06 13:04
If you wish to take transfer of the property while your dad is still with you, then essentially, you are simply undergoing a commercial transaction that is not linked to his will. There will unfortunately be costs involved, namely transfer duty and legal fees, however, since you are doing the sale directly without the need for an estate agent, you will be able to discuss a fair market-related price with your dad to ensure that you keep costs to a minimum. Once you have done the transfer, you will then simply pay your sister the equivalent amount required (namely 50%) and you will own the property in your name. Only commence renovations once you have taken ownership, as you want to keep the purchase price down as much as possible, so don't add value to the property by renovating until you have taken transfer of the home. Good luck!   

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