Buying out family

edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
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LyncroftLyncroft Forumite
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edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
My father left a flat to 3 children. I've been living in it for the last few years and his will says it can be bought by one of the beneficiaries rather than sold on the open market. What's the best way of valuing it? Until I've a figure I don't know if I can afford it. We've been getting valuations for probate from estate agents which are all over the place. Would the probate value we choose be the value I would be expected to pay. I guess the lower the value the less IHT and obviously I'd pay less but I suspect other beneficiaries would want the value to be as high as possible. Is it better to get a chartered surveyor to value it?

If I did buy it and sold it later would I be liable for IHT on the increase?

Many thanks in advance

Replies

  • getmore4lessgetmore4less Forumite
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    Do your own research on valuing the property look for similar actual sale prices

    If the estate is liable for IHT then a low side(within reason) is likely to be the best option.

    If the estate is not in the IHT region then you can look for a higher more acurate value.

    Any increase in value for sale then becomes a potential CGT for the other 2 that will be less than the 40% IHT.

    At the end of the day it will be down to getting agreement and you being able to aford the place, having a 30% deposit is a good start.

    What range are the cuurent EA valuations.

    One other thing have you been paying rent so tenant.
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