Short story version, father passed away without leaving a will. The only asset he left was the family house. Under current law my mother is entitled to 2/3 of the house and the other 1/3 is divided among the 5 siblings giving them 1/15 share of the house. My sister wants to cash in her share in order to buy her own house. My mother doesnt want to sell the house, so the family members will have to buy my sisters share. Is there a law to say she is entitled to the cash equivalent or is it basically up to us to decide if we want to buy her out? Her 1/15 share is valued at 75K, we could remortgage the family house but as my mother is a pensioner she has little or no income and the rest of us have mortages to pay so not sure if a remortgage is a viable option. Are there any other options we could look at?
On a different note if the siblings decided to give their 1/15 share of the house back to their mother, will his being seen as a gift and will she be liabale for tax on this?
On a different note if the siblings decided to give their 1/15 share of the house back to their mother, will his being seen as a gift and will she be liabale for tax on this?