Probate value different to current value

Lisafran89

I wonder if anyone can help me.

my fathers house was put into probate 2 years ago at a lower value of what the property is worth now.

my brother and I are executors of the property and he wants to but me out of the property to live there 

can he argue and say he can only have to buy me out of what the house was worth on probate form? Not what it’s valued at now?

we are both on talking terms and have agreed on a set amount already and it’s going through Solictors.

but I’m worried now he will say he’s only giving me probate value?

can anyone help to put my kind at ease? 

Linton

Your brother can argue in whatever way he wants. You can agree or disagree or come to a compromise.   If you dont agree then  the house could be sold and the proceeds split according to the will.

I would say that as there already is an agreement then that agreement should be kept.  It seems hardly fair that only your brother should benefit from the increase in value of the house. 

It could be that you are worrying without any cause. He may well have no intention of reneging on the agreement.

Thrugelmir

Don't sign the forms if he reneges on your agreement. 

Keep_pedalling

Any increase in value on your share will be subject to capital gains tax if that gain exceeds you annual exemption (£12,300). This will apply regardless of whether your brother pays you the full market value or not, so don’t be bullied into giving it up cheap.

gwynlas

we are both on talking terms and have agreed on a set amount already and it’s going through Solictors.

If you have agreed on an amount why are you concerned that he would only offer you probate amount? If the houe was to go on the market now there would be a current valuation.