Implications when buying family home

[frunzy]

Hi all,
We're thinking of buying the family home and paying off siblings, are there any tax implications for us ie we'll be living in it as our family home. Also am I right in saying that we would buy it through the normal process ie with a solicitor and would we have to draw up an agreement with siblings for the agreed sum that they would be paid? Or are we mad? sibling rivalry & all that....
Thanks

 

[mf1]

Who owns the house? How much is it worth? Would you pay full market value or less? If parents there where are they going to live? If house is empty and everyone else is willing to sell at full market value then its just like any other transaction save that you may have a reduced stamp duty bill.

Once you get into undervalues and such like it all gets murky. Someone will throw that one back on you in years to come.

One final point, if there are family memebrs living abroad, they have a tendency to regard the family home as just that ( some where to come to stay at will) - this can be very irritating for the spouse who does not get that concept!

mf