Buying Family Home left to 5 siblings

[MaryLoo]

I am one sibling who is living in the family home wishing to buy out the remaining 4. The solicitor is the executor of the will, and is also dealing with the probate.

What other fees should I be aware of besides the probate?

 

[Caroline123]

Hi,

I was in a the same situation myself recently. As far as legal fees go, the solicitor should be able to give you a full break-down of the costs it will incur inclusive of the searches etc. Make sure you find out this at the start (and shop around if you can) as mine in total came to €3,500 which was fairly expensive.

Hopefully you might be exempt from Stamp Duty - you have a good chance of this if you are a first time buyer. Technically you are only buying four fifth's of the property - So, if four fifth's of the market value of the house is under the stamp duty threshold, then you should be exempt! If you're not exempt, don't worry as you should get a reduced stamp duty rate anyway as it's the family home (your solicitor should be able to advise you of this). Unless you are buying with your partner? As you might have to pay the normal rate of stamp duty then.

Other than that, I can't think of any other costs (off the top of my head) that may occur. Hope this is of some help.

Best of luck with it - I hope it all runs smoothly for you!!

Regards,

Caroline