Getting property valued to buy out sister

lookstraightahead

Can't you just sell the house ? 

JohnFTB

Similar situation to me. I want to buy the family home of 40+ years. I think it was worth £240,000 a few months ago, probably would get an estate agent saying 255/265 region now.
I could push to £250,000 max whether my siblings will accept is unknown at the moment, saving on the estate agent fees, also saves the hassle of clearing the house for EA pictures/viewings and having to move my people out the house for the viewings whilst still grieving. Difficult to put a £ value on that.

I think it would be a shame to have it valued at 265, add in a slight under offer being the highest bid and EA fees and you're looking at a couple of grand difference from my offer.

I'd have to be in the process of selling my own home so can't step in latter on if there is no interest at a suitable price.

Just looking to pay a fair price mixed in with some sentiment vs getting the absolute best price for the house, both valid but difficult to navigate!

AdrianC

If each of your shares was £120k for probate last September, then there's all but zero risk of any CGT issues...

Why don't you just sit down with your sister and a bottle of wine, and come to an agreement between you...? It's not hard to work out what's happened with the local market since you were both happy with a £240k value eight months ago.

TBagpuss

When you get the estate agents round ask them specifically to advise what they recommend as an asking price and what they think you'll realistically achieve, then take the mid point of those three.

However, if wither you or sister is likely to be awkward about it then pay the few hundred pounds and get a surveyor to do a formal valuation. Put the instructions to them in writing and make clear that you want a realistic open market value and that they are being asked to provide a independent valuation. Most surveyors will be used to doing this (it's quite common in divorce proceedings, for instance)