Wills, Probate, Inheritance Question

getmore4less

You can advertise it for sale immediately.
You could even sell it but very few people/solicitors will go to contract without probate as it will be needed to complete in most cases.

If you really believe it is worth less than £600k counter offer what you want if he takes it and pays for the costs of selling.

Do you really want to become a landlord, if long term no plans for family to live in it why keep it?

MerrilyA

Sorry for your loss.

I don't think anything should be rushed. To be honest if you didn't receive this inheritance your brother would have to find money by another means so he can wait.

I think you need to come to an amicable agreement that can work for all of you, have a good talk perhaps with a solicitor along with other advisers to get understanding of your options.

G_M

AnotherJoe wrote: »

Perhaps another way of getting a true valuation is to put it up for sale ?

Advertise it (when you can which may be months away) at £600k and see how many takers you get. To play devils advocate, if you find a buyer at that price, your brother is correct, you would have been depriving him of £35k and enriching yourself by that much.

But, with no takers, he'll find it much more difficult to make any kind of a case that your valuation was incorrect.

Oh great!

So some poor buyer falls in love with the property and then finds out he can't buy till Probate is granted which could be months away since the tax forms have not even been submited. (HMRC don't process the forms the day they receive them you know!)

Not to mention the potential family dispute that might further slow things down.

AnotherJoe

G_M wrote: »

Oh great!

So some poor buyer falls in love with the property and then finds out he can't buy till Probate is granted which could be months away since the tax forms have not even been submited. (HMRC don't process the forms the day they receive them you know!)

I said "advertise it (which may be months away)".

I put that because I thought it was obvious it would be after probate. (Otherwise why wait for months and then advertise it before probate? /???

Steve_Street

Thanks for all your advice chaps.

getmore4less

Also as executor taking on the property yourself you have to be careful of the self dealing issues.

konark

Op, when you say probate could take 6 months are you saying

1) you won't apply for it for 6 months, or

2) that you have applied and you believe it will take 6 months to be granted, or

3) that you already have probate but the estate will take 6 months to distribute?

The key question is, have you already sent off the probate papers (IHT 205) with the valuation of £530,000.

If you have done, any disposal at £600,000 would attract CGT.
TBF as 3 EAs have valued the house at around £530,000 it may just be your brother being a bit optimistic.

carefullycautious

Have a read of this, click on the + signs for drop down lists




https://www.thegazette.co.uk/wills-and-probate/what-to-do-after-someone-dies