Rental of a property during probate ( please help! )

jonpickerill

Good Afternoon and thank you for reading this.

Could somebody help me please with the below question or point me in the right directon - I'll be as brief as possible.

(p.s. asking for family members - I dont stand  to gainfinancially  from any information given)

Deceased estate ( 100k valuation - flat)

3 Executors with probate granted ,  1 Executor deceased but more than 28 days after the Will's testator

All 3 are left equal shares of the estate (flat)

Property has been on the market for 6 months with no interest

2 remaining executors both agree to rent the property out as a mid term let (1 - 2 years)

The questions are :

If the property is left in the name of the testator ( private owner) is there any personal tax allowance for the teststors estate ?
( pretty sure there isn't )

Can the property be transfered into a business during the probate period so as not to incur income tax on the rental income ( circa £600 per month before management fees) ?

Is it best to "suck it up " and pay tax on the rental income from the 1st penny earned in rent and do  a tax return from the testators estate ?

Thank you in advance

regards,

Jon ...

lincroft1710

If the intention is to sell the flat, do not start renting it out, landlord obligations are onerous and the tenant may decide not to leave when you want them to. If there is no interest in the flat them it is probably overpriced

msb1234

I agree. I looked into renting out my mum’s house when she died, but the complications in return for very little gain was just not worth it. Becoming an accidental landlord isn’t the lucrative thing people think. 

Reduce the price and sell asap. 

Keep_pedalling

Who inherits the deceased beneficiaries share? 

jonpickerill

Hi all and thank you for your time and comments 

Keep_pedalling -the 1/3 of the eastate left to the deceased would go to the eatate of the deceased ( deceased as no Will so it will be left to the administrator of the deceased estate to sort once probate is finalised )

kind regards,

Jon .....

Marcon

[Deleted User] said:

Good Afternoon and thank you for reading this.

Could somebody help me please with the below question or point me in the right directon - I'll be as brief as possible.

(p.s. asking for family members - I dont stand  to gainfinancially  from any information given)

Deceased estate ( 100k valuation - flat)

3 Executors with probate granted ,  1 Executor deceased but more than 28 days after the Will's testator

All 3 are left equal shares of the estate (flat)

Property has been on the market for 6 months with no interest

2 remaining executors both agree to rent the property out as a mid term let (1 - 2 years)

The questions are :

If the property is left in the name of the testator ( private owner) is there any personal tax allowance for the teststors estate ?
( pretty sure there isn't )

Can the property be transfered into a business during the probate period so as not to incur income tax on the rental income ( circa £600 per month before management fees) ?

Is it best to "suck it up " and pay tax on the rental income from the 1st penny earned in rent and do  a tax return from the testators estate ?

Thank you in advance

regards,

Jon ...

I appreciate the enthusiasm for keeping costs down, but it does sound as if the executors would benefit from some proper professional advice from someone who has been appraised of all relevant facts - not something you can do on a site like this.

Agree with the comments above - if there's been no interest, there's a problem and it's likely to be the price. Pretty much anything sells if the price is right.