Rental property inheritance

[Marmitelover55]

Hello - I have recently inherited a 50% share in a rental property. There is no mortgage. My share of the rental income after letting agent fees (but before any other costs) is about £900 per month. I am a basic rate tax payer. The property is not close to where I live and we were thinking of selling and investing in a rental property nearer to where we live and maybe investing more by dipping into our offset mortgage. However, with the increase in stamp duty on the purchase of a second home, I am wondering if it would be best to keep things as they are? I realise this is a fortunate position to be in, but it is for very sad reasons. Does anyone have any advice please? I realise I need to get to grips with property and have ordered some books to help. Thanks.

[howtorebuild]

Have you had this discussion with the other owner?

[Marmitelover55]

Yes tentatively. It's my sister. If she wants to sell then I realise we will have to and I won't have the funds to buy her out I don't think. We aren't going to rush into anything.

[Marmitelover55]

All of the info I can find about buy to let seems to be with a mortgage. We haven't had the property valued for private yet, maybe that will help clarify things regarding whether it is a good yield or not.

[Marmitelover55]

*probate