3 siblings inherited house and I want to buy the other 2 out - need advice

[nadnerb f]

My 2 siblings and I inherited our parents house, I am going to to buy them out, how do I register it in my name or they they have to transfer it to me ,thanks

 

[Otacon]

You're going to need a solicitor no matter what way you go about this, they will be able to advise you.
Has the house gone through probate?
Has the house been registered in your names, or is it still in your parent's names?
Will you be getting a mortgage to buy the house?

 

[nadnerb f]

I have mostly paid them ,will need mortgage to do it up,it's gone through probate,still in parents name

 

[DannyBoyD]

have mostly paid them

What does that mean?

 

[Clamball]

The three of you explain to the solicitor what you want to do.
1. Transfer house into your name.
2. You are paying your siblings cash
3. You will be taking out a mortgage to cover the portion of the purchase that you do not have the funds to cover, and home improvements.

The solicitor will advise you all on how to proceed with the title change and the house sale (transfer) to you. The costs involved, who pays the costs, the estate, you or the three of you equally. If the money you are using to pay your siblings is coming from your parents estate, the solicitor can arrange for them to be paid directly form the estate.

They will also advise on revenue tax requirements if you exceed the €325K life time allowance.

What you are proposing is something solicitors dealing with probate come across all the time so it should be straightforward. You will need a solicitor to do the title transfer.

 

[nadnerb f]

Thanks , no shortcuts then I’ll have to set that up

 

[Brendan Burgess]

And your siblings will need their own solicitor as well

Brendan

 

[Gordon Gekko]

Are there any other salient facts?

e.g. does anyone live there, are any of the siblings loaded, is the property worth millions, etc?

 

[Bronte]

I have mostly paid them ,will need mortgage to do it up,it's gone through probate,still in parents name

Who is doing the probate?

I wouldn't be transferring any money to any sibling without something legal. What if they decide in 6 months they don't want to sell, or that they want more than you've agreed?