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Transfer of Property to a part beneficiary of a will
My husband has been left a half-share in a property, along with his brother. We would like to take over complete ownership of the house to live in ourselves. We own our present property, which is worth more than the said property. We propose to sell our current property and pay his brother half of the sale value of his mother's house. We would like to have the deeds put in our names, and use a solictor to oversee this and the financial transaction involved. I would like to know, will we be liable for stamp duty when we buy him out, when the financial transaction takes place? Considering that my husband legally owns half the property already it would surely only be on half the value, if at all? And, are there any other obvious legal concerns which we need to consider at when making such a transaction?
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