House Transfer or Sale

brightspark_not

My MIL lived with my two SILs until she died in Sept 2023.  My husband and I are named executors in her will.  We have applied for Grant of Probate and received it in December, with the two SILs still living in the house and deciding what to do.

In January 2024, SIL1 also died (intestate, we are applying for letters of administration) and SIL2 has come to live with us and has agreed that the house needs to be sold.  We have agreed a price for BIL to buy it and he is keen to move in and on with a lot of the maintenance that is needed.  

Total estate was around £430k, including RISC valuation of £215k on the house.  Price to BIL agreed at £250k.  While we have managed probate and estate ourselves, conveyancing (house is unregistered) is out of my capability.  I assumed we (the estate) needed to sell to BIL and pay CGT on the £35k difference and spoke to a solicitor in that context.  BIL spoke to his solicitor who suggested that we didn't sell the house, we transferred to our name and then his.  BIL's share of MIL's inheritance is less than price agreed so he would have to pay the difference at least.

Is there more than one way to go about this and if so, what are the differences?

Marcon

brightspark_not said:

My MIL lived with my two SILs until she died in Sept 2023.  My husband and I are named executors in her will.  We have applied for Grant of Probate and received it in December, with the two SILs still living in the house and deciding what to do.

In January 2024, SIL1 also died (intestate, we are applying for letters of administration) and SIL2 has come to live with us and has agreed that the house needs to be sold.  We have agreed a price for BIL to buy it and he is keen to move in and on with a lot of the maintenance that is needed.  

Total estate was around £430k, including RISC valuation of £215k on the house.  Price to BIL agreed at £250k.  While we have managed probate and estate ourselves, conveyancing (house is unregistered) is out of my capability.  I assumed we (the estate) needed to sell to BIL and pay CGT on the £35k difference and spoke to a solicitor in that context.  BIL spoke to his solicitor who suggested that we didn't sell the house, we transferred to our name and then his.  BIL's share of MIL's inheritance is less than price agreed so he would have to pay the difference at least.

Is there more than one way to go about this and if so, what are the differences?

Not enough info - and I'm not clear from your question how your MIL's estate was split.

Probably the quickest and cheapest way to establish the answer is to ask your BIL to get his solicitor to explain why their approach is better than your approach. 

thegreenone

Why is BiL paying £250k for a £215k house?