Inheritance Problem

G_M

teddysmum wrote: »

You could point out to your sister that if the house was sold, she would not get half the 'market value' (meaning what the estate agents quoted) because 1) estate agents tend to give high quotes, hoping to real you in and knowing people will probably want to haggle so set a price to allow for this 2) estate agent, solicitor and other fees would be deducted from proceeds.


On these grounds something less than half would be a fairer price.

But
1) 'market value' is what it would actually fetch, if sold - not what EAs would market it at. This is, for example, what should have been used for the Probate value too. So yes, sister should get half of 'market value'.

2) if the property is not being sold (ie OP is buying sister's share) then there ARE no estate agents fees, so neither party need pay these, so again, sister should get half of 'market value.

Yes, there may be solicitors fees (unless they do the transfer themselves which is straightforward), and there will be nominal Land Registry fees, which should be shared equally.

Tammykitty

How have you calculated market value?


Use Zoopla to get recently sold prices - more accurate than estate agents value.


Your sister is entitled to half the house, and half of anything else.


The estate consists of
House
Car
Other Items - Jewellary, Electronics etc.


Lets use some examples


House - £200k
Car - £10k
Other Items - £10k


Total Value - £220k, of which you are both entitled to £110k each.


If you have 75% of the "Market" Value for your half, that means you have £75k available to give your sister.


Meaning you need to find another £35k, now if you give her the car (And returned the £4k), this would mean you need to find £25k and if you give her the valuable items in the house (Around £10k for her to sell), then that only leaves you £15k short.


Selling fees should also be taken into account (say 2% of the value) - £4k and say £1k solicitor fees - that's another £5k (£2.5k each) - so down to £12.5k needed.


Consider the whole estate value and see if you can negotiate with your sister.


Also - who paid for the funeral?

Keep_pedalling

As it sounds like you are unable to buy your sister out, it is best to get this over and done ASAP, and get the house on the market as soon as you have the probate sorted. In the mean time start looking for a place of your own, and get your own will in order unless you want your sister to inherit your estate as well.

Are you the one obtaining letters of administration?

Rosemary7391

It might be worth the OP putting some figures up - their income, house value, other stuff in the estate, their savings. It takes time to sell houses, so it might be that even if it goes on the market the OP can try and save like mad to buy t'other half before another buyer is found. And if there's a credible plan to have the money in a short enough timescale it might not even have to go on the market.