Net Value of estate

Mtaitlyado · 10 March 2017 at 9:07PM

My mums probate shows "net value does not exceed £110,000"
Executor won't give details at this time.
Her house is worth in the region of £260,000, she had few if any debts apart from a mortgage, £30,000, so I can't understand the big difference.
My late dad was a tenant in common and the house is still recorded to be in both their names.
He had a will and left everything to my mum as far as I know.

First time poster!... and very grateful for any help.
Thank you.

Yorkshireman99 · 10 March 2017 at 11:33PM

Mtaitlyado wrote: »

My mums probate shows "net value does not exceed £110,000"
Executor won't give details at this time.
Her house is worth in the region of £260,000, she had few if any debts apart from a mortgage, £30,000, so I can't understand the big difference.
My late dad was a tenant in common and the house is still recorded to be in both their names.
He had a will and left everything to my mum as far as I know.

First time poster!... and very grateful for any help.
Thank you.

What does the will say? I assume you have bought a copy.

Mtaitlyado · 10 March 2017 at 11:50PM

Thanks... It says the property is divided 50/50 between me and the executor,
and the executor is the beneficiary of the residue.

micky2phones · 11 March 2017 at 12:07AM

Mtaitlyado wrote: »

Thanks... It says the property is divided 50/50 between me and the executor,
and the executor is the beneficiary of the residue.

Hi, is it half the 260,000 minus 30,000 ?

Leaves 110,000 plus their costs ?

Mtaitlyado · 11 March 2017 at 12:13AM

Yes, half 260... minus mortgage
So I thought net value would be 230 (minus the estate agent fees etc)

maximumgardener · 11 March 2017 at 3:01AM

mmmm.....260 - 30 = 230 nett , then divide by 2 = 115 each less admin costs

Yorkshireman99 · 11 March 2017 at 4:38AM

Have you looked at your dad's will? Was probate granted on it?

getmore4less · 11 March 2017 at 8:02AM

is the executor just an executor/beneficiary or is there missing information?

da_rule · 11 March 2017 at 10:24AM

Is the executor a solicitor etc? As it appears that they haven't realised that the estate includes the entire house (even if the records at the Land Registry haven't been changed). Also, other than the house, the calculation seems to suggest (assuming the executor has worked off 50% of the house value - the mortgage) that your mum had no other assets? No money in the bank, no car, no insurance policies etc.

Checking your dads will will also be helpful as it will show whether he left the house to your mum or not.

Mtaitlyado · 11 March 2017 at 11:31AM

Thank for suggestions.

No probate on dad's will so can't check.

The executor/other beneficiary is my brother, (he's employed a solicitor).

poppystar · 11 March 2017 at 12:52PM

I get the sense you might be a little estranged from your family - is it possible that your mother has already gifted half the house to your brother either when your father died or since? That might explain the discrepancy

Net Value of estate

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