Sale of family home after parents death

ChocolateTeapot2024

Hello everyone
my sibling would like to keep the family home and wishes to buy her 2 siblings’ share. The property was valued at £550k for probate with an actual value of £605k (RICS valuation).
Sibling will have to sell their own house to buy it.
all three siblings could buy out the others by selling their own house but only one wishes to do so.
what is the best way to do this?
Does anyone have any experience of doing this?
many thanks for your help

Hoenir

What's the sibling proposing to value the property at when buying the others out ? 

How long are the other siblings prepared to wait for their share of the estate?

Keep_pedalling

I have to ask, why did you declare the value at £55k below the valuation?

mattojgb

Just be aware it's difficult for executors to purchase property from the estate their administering.

GDB2222

Are there other assets in the estate, or just the house?

Are all the beneficiaries executors?

kipsterno1

Just to help tie things together 

https://forums.moneysavingexpert.com/discussion/6575467/sibling-buying-family-home-from-estate-stamp-duty-question

ChocolateTeapot2024

Keep_pedalling said:

I have to ask, why did you declare the value at £55k below the valuation?

We had the RICS valuation done for probate. The report states that the probate value is £550k and the market value is 10% above the probate value - thus £605k.

Is this unusual?

Never done this before, but we thought it was better to get a RICS valuation for whether sibling was buying or whether we put it on the market.

ChocolateTeapot2024

GDB2222 said:

Are there other assets in the estate, or just the house?

Are all the beneficiaries executors?

there are some ISAs (amounting to around 300k) and the house. The house is in a trust. Surviving trustees are the 2 siblings who do not want to own the house. The trust is part of the estate. All three siblings are beneficiaries of the estate and executors of the estate.

NB: My parents were missold the trust and we will have to pay a HMRC bill of around £125k (we have taken legal advice - its complicated and tax is unavoidable).

ChocolateTeapot2024

mattojgb said:

Just be aware it's difficult for executors to purchase property from the estate their administering.

really? Oh no? What do we have to do to make it as straightforward as possible?

ChocolateTeapot2024

kipsterno1 said:

Just to help tie things together 

https://forums.moneysavingexpert.com/discussion/6575467/sibling-buying-family-home-from-estate-stamp-duty-question

Thank you - I posted a simpler question as I didn't really get any replies to that first post, and I thought maybe I was asking too much too soon

Linton

ChocolateTeapot2024 said:

mattojgb said:

Just be aware it's difficult for executors to purchase property from the estate their administering.

really? Oh no? What do we have to do to make it as straightforward as possible?

The problem is the real or perceived conflict of interest.  The executor's duty is to get best value for beneficiaries.  See https://www.baker-law.co.uk/site/blog/baker-law-legal-blog/the-rule-against-self-dealing-in-estate-administration for example. Lots of other info including test cases on Google under "self dealing".