Property left in will

ProbateNewbie

@Meg231

*It says I devise and bequeathed the residue of my estate ..... upon trust to sell, call in and convert the same into money and divide one share to me, one share to my eldest sisters children and the final share to my other sisters children. Earlier in the will all money, household and personal items were left to me*

What does the actual Will say about the house - not the residual estate?

Does it say it (the house) is to be divided as stated for the residual estate or not?

Meg231

ProbateNewbie said:

@Meg231

*It says I devise and bequeathed the residue of my estate ..... upon trust to sell, call in and convert the same into money and divide one share to me, one share to my eldest sisters children and the final share to my other sisters children. Earlier in the will all money, household and personal items were left to me*

What does the actual Will say about the house - not the residual estate?

Does it say it (the house) is to be divided as stated for the residual estate or not?

I was under the impression that the house was the appropriation in the part of the will which states "Power to make any such appropriation as is authorised by section 41 of the Administration of Estates act 1925 but without being required to obtain any such consents as are referred to in that section (and even though one or more of my trustees may be beneficially interested in the appropriation) 

bobster2

Meg231 said:

I was under the impression that the house was the appropriation in the part of the will which states "Power to make any such appropriation as is authorised by section 41 of the Administration of Estates act 1925 but without being required to obtain any such consents as are referred to in that section (and even though one or more of my trustees may be beneficially interested in the appropriation) 

As explained in the other thread you started - a deed of appropriation is a special mechanism people use to minimize capital gains tax liability. It's not something you need to do in order to administer this estate.

cr1mson

A request for it to be professionally valued in these cicumstances seems perfectly valid and it may be beneficial when completing forms for probate etc

Hoenir

cr1mson said:

A request for it to be professionally valued in these cicumstances seems perfectly valid and it may be beneficial when completing forms for probate etc

The valuer works for the client. Property values are subjective. 

Daniel54

Hoenir said:

cr1mson said:

A request for it to be professionally valued in these cicumstances seems perfectly valid and it may be beneficial when completing forms for probate etc

The valuer works for the client. Property values are subjective. 

An RICS valuation uses the objective data available to the valuer to guage the property price.As such,it is deemed more reliable than an estate agent valuation,but should not be confused with an estimate of likely sale price.

bobster2

Daniel54 said:

Hoenir said:

cr1mson said:

A request for it to be professionally valued in these cicumstances seems perfectly valid and it may be beneficial when completing forms for probate etc

The valuer works for the client. Property values are subjective. 

An RICS valuation uses the objective data available to the valuer to guage the property price.As such,it is deemed more reliable than an estate agent valuation,but should not be confused with an estimate of likely sale price.

Well they look at objective data on comparable properties but need to make subjective judgements about what is comparable. But they do this in a rigorous and transparent way - justifying comparisons.

Meg231

bobster2 said:

Daniel54 said:

Hoenir said:

cr1mson said:

A request for it to be professionally valued in these cicumstances seems perfectly valid and it may be beneficial when completing forms for probate etc

The valuer works for the client. Property values are subjective. 

An RICS valuation uses the objective data available to the valuer to guage the property price.As such,it is deemed more reliable than an estate agent valuation,but should not be confused with an estimate of likely sale price.

Well they look at objective data on comparable properties but need to make subjective judgements about what is comparable. But they do this in a rigorous and transparent way - justifying comparisons.

So do they give an idea of what it is worth or what it might sell for or both? 

Kynthia

Meg231 said:

bobster2 said:

Daniel54 said:

Hoenir said:

cr1mson said:

A request for it to be professionally valued in these cicumstances seems perfectly valid and it may be beneficial when completing forms for probate etc

The valuer works for the client. Property values are subjective. 

An RICS valuation uses the objective data available to the valuer to guage the property price.As such,it is deemed more reliable than an estate agent valuation,but should not be confused with an estimate of likely sale price.

Well they look at objective data on comparable properties but need to make subjective judgements about what is comparable. But they do this in a rigorous and transparent way - justifying comparisons.

So do they give an idea of what it is worth or what it might sell for or both? 

They give it's value. Sometimes people are prepared to pay more but they will struggle to get a mortgage with a high LTV if they do, as the mortgage lender's surveyor is likely to value the property the sane as the initial surveyor did.

Exodi

You may end up just selling the house.

I know that this is probably cutting all of your noses off to spite your faces, as your nephew is likely to get less than he would have got if he'd taken you up on your buy-out proposal (as you'll all shoulder estate agents and conveyancing costs, and especially if he is expecting mickey mouse Zoopla house prices - which are famously overstated).

But we see this situation, where neither side is willing to back down, play out ad nauseam on this forum. I also know a few people that had similar disputes (one was as petty as the son wanting to be reimbursed from the estate for travel costs visiting the burial site... the daughter refused on principle... the estate was worth hundreds of thousands between the two siblings but on rolled a lengthy argument with thousands of pounds in extra solicitors costs wasted). The point is these arguments can go on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on.

With respect, I think your unwillingness to sell the house and initial survey refusal (because you don't trust the valuation to go directly to him because there is a vested interest for it to be high, but simultaneously expect him to trust the valuation to go directly to you despite there being a vested interest for it to be low) is as problematic as his potentially unrealistic expectations.

Except from selling the house, alternatively you allow him to instruct a RICS survey. If you believe the house is worth less than you have offered, then there should be nothing to worry about (you could even potentially reduce your offer to match the survey he instructs).