Father gifted share of property few years back valued at 450k. Its now valued at 550k approx.
Plan is to buy his share out and he's going to move else where. We own as tic 50/50
I take it to find out market value its not 550/2 so 225k for his share. It could be a lot less. The rics surveyor said they only value the property as a whole and it be up to me to figure out what the half share is.
Is it true that the quantum of father's original gift of half the house to me would have been the total value of the house at the time, less the value of his retained half. For the reasons outlined in the link this is not half the total value of the property.
https://sfe.legal/when-is-a-half-not-a-half-the-problems-of-valuing-a-share-in-a-property/
Ideally I want to be paying him exactly half so he can buy another place
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