Good morning,
Short story (turned out to be a long story, sorry) is, my sibling and I inherited a very run down property and we have decided to keep it. However my sibling can't afford the maintenance of the whole house.
The property consists of what was (when first built in c.1800) two properties (one lived in, the other used as storage). It was all registered as one address with council tax and one water mains and the lived in property handled all the bills (think of a steading type set up).
Unfortunately the storage house deeds were lost (they were with a building society which changed hands at least four times and, after the mortgage was paid off were presumably lost in one of the takeovers). It has been quite stressful and our solicitor has sorted it all out with land registry. We will officially own it on Tuesday, rather than simply having possession, at which point I will buy my sibling's half of the storage house from them. It already has a separate address (sorted by our solicitor) so when I buy it I will have to separate out everything from the main house.
I have three questions:
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Where can I find a single list of things I need to do to in order to make sure it is a fully independent address (I have seen some websites but most talk about finance and I don't need that), thinking utilities, council tax, do I need a letter box? Does it make any difference that the house I am buying is derelict?
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Will my sibling have to pay capital gains tax? I had a redbook valuation done on the property and have agreed a sum to pay my sibling to buy them out. It is worth hardly anything, derelict and I will be spending a lot on making it into a house. At the moment it is three separate spaces each with their own door, it is structurally unsound but with full planning and listed building consent and full architectural plans to progress (and a builder). My sibling doesn't own a property except the half they own with me of the liveable part of the property. Neither of us currently live there yet.
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Is there anything else you can think of I might need to do?
I have enjoyed the whole process so far but this bit seems so important I would hate to get any of it wrong. Any help would be much appreciated.