Capital gain on inherited property

getmore4less

You could have sold first then got probate using the actual value. 

p00hsticks

getmore4less said:

You could have sold first then got probate using the actual value. 

But you can't exchange contracts until you have probate. And from reading the House Buying, Renting and Selling board, many buyers would be reluctant to offer on a property where probate hasn't been granted, let alone not even been applied for.

getmore4less

p00hsticks said:

getmore4less said:

You could have sold first then got probate using the actual value. 

But you can't exchange contracts until you have probate. And from reading the House Buying, Renting and Selling board, many buyers would be reluctant to offer on a property where probate hasn't been granted, let alone not even been applied for.

There was no need for probate in this case as there was still a legal owner on this property added for the IPDI trust.

I am both Executor and beneficiary. Half the house was held in IPDI Trust on death of first parent and the land registry documents were changed to include my name (me holding in trust for myself?). 

getmore4less

there is another quirk here as the estate was below the IHT levels there is a good chance the value was not ascertained  so there can be some options with the CGT return.

Need a CGT expert to cover that one, it has come up before on MSE a few years back, might be worth a look  I can't remember what the details were.