My father inherited a house which he currently rents out. He intended to leave it to me and my sister, however as we have a young family and wouldn't be able to afford a simmilar property in the area he would like to help us out now (we are EXTREMELY grateful) but wants to be fair to my sister too.
He was thinking of gifting our share but as we can't afford to buy the other half we could pay down the remainder in monthly instalments and we would not be beneficiaries to the money in his will and understand about inheritance tax implications under 7 year rule. As a family we're all content with the idea in principle but wanted to see if anyone had done anything simmilar or had any recommendations around financial/ legal issues that we need to watch out for. Or indeed any recommendations for expert advice. (We're London based)
Many thanks