Probate - buying share of property

edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
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MichelaMichela Forumite
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edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
Hi,

My father passed away and left me a substantial share in a property and some to a friend.

I am the exec, and will buy them out and have agreed to pay them the amount of house was valued at for probate. If I recall it was stipulated at probate the house would be sold to me and the value.

The friend is suggesting it should be more now. Still below IHT

I don't wish to be unfair, the house values in the area have not increased according to valuations.

I lived with my father and paid out substantial amounts for the house for repairs, probably around 30-40k, I have to pay another 40k to repair the roof.

Can all this be considered regarding the value?

Thanks

Replies

  • Keep_pedallingKeep_pedalling Forumite
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    Unless you have it documented otherwise, the money you spent on the house before your father died was basically a gift to him, so no you can’t reduce the other beneficiaries share based on that.

    You should get a proper paid for evaluation by a RICS surveyor. Any valuation you get will take into account the current state of rep are of the house so you can’t deduct future repair costs off either.
  • Tom99Tom99 Forumite
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    The RICS valuation should be a current one not as at the date of death ie the same the friend would get if you sold now.
  • AnotherJoeAnotherJoe Forumite
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    Michela wrote: »
    Hi,

    My father passed away and left me a substantial share in a property and some to a friend.

    I am the exec, and will buy them out and have agreed to pay them the amount of house was valued at for probate. If I recall it was stipulated at probate the house would be sold to me and the value.

    Unless the will specified the price I dont see how that can happen.

    Michela wrote: »
    The friend is suggesting it should be more now. Still below IHT


    The friend can suggest whatever they want. Unless you two can get a mutually agreed valuer to provide a price then the only way forward would be either legal, or a sale on the open market and you outbid any other buyers. Which might not be too hard if it needs £40k spending on a roof, it must be massive.


    I don't wish to be unfair, the house values in the area have not increased according to valuations.

    I lived with my father and paid out substantial amounts for the house for repairs, probably around 30-40k, I have to pay another 40k to repair the roof.

    Can all this be considered regarding the value?

    Thanks

    Michela wrote: »
    lived with my father and paid out substantial amounts for the house for repairs, probably around 30-40k, I have to pay another 40k to repair the roof.

    Can all this be considered regarding the value?

    Thanks


    First one no, unless you can prevail on "friend" to take that into account which sounds unlikely.
    Second one, yes that should be taken into account by a valuer. eg if the house needs £40k of work then it should probably be valued at say £45k-£50k less than in perfect condition because there's the hassle and risk to be taken into account on top of the spend.


    I suggest you two agree on a method for valuing the house and stick by that.
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