DIY Probate, easy or nightmare??!!!

Sunshine1234

madbadrob wrote: »

If the estate is intestate the fact remains the house will be jointly owned by the OP and the deceased. I should say Tenants in Common. I believe I stated earlier that the OP could leave the brother in the house and then bill him for half the rental value or let him live there rent free and he cover all the repair bills. That way the OP doesnt lose her share and the brother keeps his home. It also means he wont be able to raise a mortgage against the property or sell it without the Op's agreement.

Rob

This would be great, but, he has never paid ANY bill in his life, (mum paid for everything) so he would never pay rent. And if he did stay there i'd probably find the home seriously decreased in value by the d!cor and diy.

madbadrob

Sunshine,

YOu will have a very hard time getting him out of the home and in all honesty I would say you have no chance of that happening. The only other option is getting him to buy your share

Rob

Sunshine1234

I think you could well be right.

It would be great if I could get him to buy me out, but how do I even begin to do this? After all the probate forms have been sent off? (And I think he may also have applied now). So at the moment,technically he's been living rent-free for 7 months in a 3 bed house that I have an entitlement to.

Sunshine

madbadrob

Living on benefits is not a shameful thing at all so I would wipe that out of your mind. I am guessing there is no will and if so probate office will deal with the first person who applies for Administration.

You need to sit down with your brother and just ask him if after Admon has been granted could he afford to get a mortgage and buy your share of the house. If he says no then you will have to tell him that has you own a half share in it you want to liquidate that money so you have no choice but to sell. If he fights it we go back to my earlier scenario. If he agrees he can buy you out then you both should agree on getting a number (id usually say three) of valuations and then take the average valuation as the one to work with. It may come down to having to sell the house to pay any IHT anyway if there is not enough cash in the estate to pay it outright
Rob

John_Pierpoint

You might find that the various benefit authorities don't take such a lenient attitude with both of you now that you are relatively high net worth individuals.

Sunshine1234

Thanks I think we'd both love to be a high net worth individuals! But this isn't the case

John_Pierpoint

Surely owning half a house each must make you fairly high net worth individuals, the cut off band for some benefits is £16 - £25k ?

dandelionclock30

If you are resident in your home which is left to you then you can still claim benefits.Its classed as your primary residence.
Some people on here give the wrong information, inheritance tax doesnt have to be paid unless the estate is greater than £325,000.
Like the others suggested I would discuss with your brother what he wants to do regarding paying you your share. If you cant come to an agreement then you need to be going to see a solicitor.

madbadrob

dandelionclock30 wrote: »

If you are resident in your home which is left to you then you can still claim benefits.Its classed as your primary residence.
Some people on here give the wrong information, inheritance tax doesnt have to be paid unless the estate is greater than £325,000.
Like the others suggested I would discuss with your brother what he wants to do regarding paying you your share. If you cant come to an agreement then you need to be going to see a solicitor.

Who has stated that IHT needs to be paid below this amount? Also IHT does not need to be paid at 325k either if the nil rate band of the deceased spouse was not used and therefore an estate up to 650k would be IHT free.

Before criticising someone or a post at least quote it and maybe read it all

Rob