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Building work on inherited house / split inheritance with sister
Hi. Back again! We've chased up the probate and been told it has been sent to a specific team (no issues, just standard procedure as my husband and sister in law took over administration duties from the Coop who renounced their executor responsibilities) We applied in July but it has only been referred in October - that department is currently working on ones from June so we could be facing a further 4 months until probate.... We have our cash ready for the work, and the builder is ready too, legally can we go ahead (husband and his sister are in full agreement to do this) The conservatory we want to take down is leaking, so we are conscious of having issues if this carries on too... Any advice gratefully received!
Legally the executors own the house in trust for the beneficiaries. If neither the executors or beneficiaries (who appear to be the same people in this case?) have any objections then you can do what you like.
Others have already noted the possible tax implications.
It would be wise to write down exactly what was agreed between the beneficiaries / executors with respect to any change in value of the house, any tax to be paid and how long it will be before the other beneficiary sees their money.
