Selling Inherited House

seashore22

Would deprivation of assets be an issue here? I don't know how old your dd is, but disposing of assets to family members should be approached with caution. If he is well below the inheritance tax threshold then that suggests he may need every penny to pay for any care in the future.

G_M

seashore22 wrote: »

Would deprivation of assets be an issue here?.

1) A good point worth also considering.


2) Ah! The confict of interest, perhaps (David?):


If the solicitor is acting as Executor, then he is the 'seller'. So he needs to appoint a different solicitor for the conveyancing to separate 'seller' from 'conveyancer'?


3) If the solicitor/ Executor does not want to sell because the will specifies the property must be passed to dad (rather than its value), a Deed of Variation could easily alter this.


Similarly as explained, the Deed could specify the cash is assed to son, charity, whoever.


4) If ultimate sale value is significatly greater than Probate value, then as someone earlier said, Capital Gains Tax might arise.



But if the cash were being distributed to more than one person (eg 2 sons), then a Deed of Assent could be used so that each of their annual allowances (£11,300 each) could be used. The Executor (using a separate convetancer if needed) could still sell, so that the property did not need transferring twice.