Repairs to house before probate - Final update

getmore4less

marymary12 said:

Very sorry for your loss. Even though you have recently done up your own home it probably is not worth doing work on your mum's unless you absolutely need to in order to sell. It would be difficult to be detached and not overspend. Just getting the house cleared is likely to be physically and emotionally draining.

I don't want to hijack this thread but the discussion around CGT has me wondering. If a house is being sold several years after it was valued for probate, because somebody else had a life interest to reside, is CGT due on any increase in value? By the estate or the eventual beneficiary?

The beneficial interest in the property is part of the life tenants estate and taxed when they die at the new valuation at their DOD.

The remainder men inherit at that new valuation and is their base value for any future IHT liabilities.

CruisingSaver

Just a final update from me. I’ve had a couple of estate agents round to do a formal valuation and the house in its current state is worth more than we thought and it actually isn’t worth spending the money to do it up, which is what we’ve decided to do.

Thanks again to all who have responded and helped me out it’s much appreciated at an incredibly difficult time ❤️

shiraz99

getmore4less said:

marymary12 said:

Very sorry for your loss. Even though you have recently done up your own home it probably is not worth doing work on your mum's unless you absolutely need to in order to sell. It would be difficult to be detached and not overspend. Just getting the house cleared is likely to be physically and emotionally draining.

I don't want to hijack this thread but the discussion around CGT has me wondering. If a house is being sold several years after it was valued for probate, because somebody else had a life interest to reside, is CGT due on any increase in value? By the estate or the eventual beneficiary?

The beneficial interest in the property is part of the life tenants estate and taxed when they die at the new valuation at their DOD.

The remainder men inherit at that new valuation and is their base value for any future IHT liabilities.

They were asking about potential CGT liability, not IHT.

getmore4less

shiraz99 said:

getmore4less said:

marymary12 said:

Very sorry for your loss. Even though you have recently done up your own home it probably is not worth doing work on your mum's unless you absolutely need to in order to sell. It would be difficult to be detached and not overspend. Just getting the house cleared is likely to be physically and emotionally draining.

I don't want to hijack this thread but the discussion around CGT has me wondering. If a house is being sold several years after it was valued for probate, because somebody else had a life interest to reside, is CGT due on any increase in value? By the estate or the eventual beneficiary?

The beneficial interest in the property is part of the life tenants estate and taxed when they die at the new valuation at their DOD.

The remainder men inherit at that new valuation and is their base value for any future IHT liabilities.

They were asking about potential CGT liability, not IHT.

it's an IHT issue for the life tenant there is no CGT if they live there.

TripleH

CruisingSaver said:

Just a final update from me. I’ve had a couple of estate agents round to do a formal valuation and the house in its current state is worth more than we thought and it actually isn’t worth spending the money to do it up, which is what we’ve decided to do.

Thanks again to all who have responded and helped me out it’s much appreciated at an incredibly difficult time ❤️

I arrived late to this. So sorry for your loss

That seems a very sensible plan. I'd focus on clearing your mum's stuff out the house (can take longer than you think).

If anyone in a similar situation to the Op  I'd only focus on getting a house sealed for weather (repair roof, doors, windows etc). If you're doing that, then if you can tidy the garden, then that's all I'd do, maybe if enthusiastic a quick paint job.

I'd never install a new kitchen / bathroom, chances are the new owners will rip it out.

Some of the older bathroom suites might even appeal to some (aubergine anyone?)

CruisingSaver

A final update from me. Probate was granted today 7 weeks after application and a sale is progressing on my Mum’s house.

The level of interest in the house was unbelievable and we had multiple offers to consider, so it appears I was worrying for nothing! 

Thank you to everyone who responded ❤️

Pennylane

CruisingSaver said:

A final update from me. Probate was granted today 7 weeks after application and a sale is progressing on my Mum’s house.

The level of interest in the house was unbelievable and we had multiple offers to consider, so it appears I was worrying for nothing! 

Thank you to everyone who responded ❤️

Great news! It is a massive relief to draw a line under it all isn’t it?  

CruisingSaver

Pennylane said:

CruisingSaver said:

A final update from me. Probate was granted today 7 weeks after application and a sale is progressing on my Mum’s house.

The level of interest in the house was unbelievable and we had multiple offers to consider, so it appears I was worrying for nothing! 

Thank you to everyone who responded ❤️

Great news! It is a massive relief to draw a line under it all isn’t it?  

A huge relief. Once the house sale goes through I’ll feel that I can start to grieve and come to terms with it all.