Beneficiary wants to buy

RAS

Lilio8 said:

The estate is outside the IHT limit of £325K, by about £220+ (probate evaluation of £315K).

What would a reasonable timescale be for the sale?

I don't think we've ever clarified the relationship of the deceased to the beneficiaries. You've indicated that you were not married, but are the sibling beneficiaries his descendants? 

born_again

Lilio8 said:

RAS said:

I'd suggest that you don't decorate. Water-tight, basic utilities safe and priced as seen. You are unlikely to get any money back on any improvements, and it really isn't your job as executor to act as a developer. 

How close do you think the estate is to the IHT limits? If way below, obtain prices from three estate agents and go towards the middle for the bottom value for sale, but price towards the top for probate which helps avoids CGT. If there's doubt, or there's strife over the possible sale get a RICS valuation,

It is your decision whether to sell to the beneficiary, not the other beneficiary's but you do need to give the other one the option of bidding for it as well. Make it clear to both that the sale will not be below value and that the buyer can't access before the sale is complete and needs to complete within a reasonable timescale or the property goes on the open market.

Thank you for your reply.

I was wondering, before reading your message, if I should continue to tidy up, get the walls painted & carpets changed. I've put a lot of work in tidying up the house, it was an absolute disaster and I'm not done yet with clearing it all. Should I get the house empty asap or there's no rush?

The estate is outside the IHT limit of £325K, by about £220+ (probate evaluation of £315K).

What would a reasonable timescale be for the sale?

If one of beneficiary wants to buy then I would do nothing. let them spend their money. 

Lilio8

RAS said:

Lilio8 said:

The estate is outside the IHT limit of £325K, by about £220+ (probate evaluation of £315K).

What would a reasonable timescale be for the sale?

I don't think we've ever clarified the relationship of the deceased to the beneficiaries. You've indicated that you were not married, but are the sibling beneficiaries his descendants? 

Thank you for your reply.

No, not his descendants. There are 3 siblings, the deceased is one one of them.

RAS

Thanks, that explains the IHT issues. And the possible sensitively round the sale?

Savvy_Sue

Whoever is having it (beneficiary or open sale), I'd seriously consider getting the house professionally cleared and cleaned, charged to the estate. Once you're sure there's no stash of cash or Old Masters, it's backbreaking and thankless work.

Lilio8

Savvy_Sue said:

Whoever is having it (beneficiary or open sale), I'd seriously consider getting the house professionally cleared and cleaned, charged to the estate. Once you're sure there's no stash of cash or Old Masters, it's backbreaking and thankless work.

Thank you for your reply.

Oh yes, it's hard work in so many ways and all while grieving.

And yes, a clearing firm will come over.