I am joint executor and joint beneficiary of estate, how does this affect first-time buyer status?

msb1234

What you need to remember here is that you're the one in the bargaining chair! You don’t want the land, the other beneficiary does. As executor, just commission 3 valuations of the land and agree on the middle valuation. The cost of the valuations should come from the estate. If the other executor is expecting to buy it cheap, they're mighty cheeky! As someone else has already pointed out, they could make £1000’s whilst you lose £1000’s. 

Let them see a solicitor - thats their choice. 

Jennex

msb1234 said:

What you need to remember here is that you're the one in the bargaining chair! You don’t want the land, the other beneficiary does. As executor, just commission 3 valuations of the land and agree on the middle valuation. The cost of the valuations should come from the estate. If the other executor is expecting to buy it cheap, they're mighty cheeky! As someone else has already pointed out, they could make £1000’s whilst you lose £1000’s. 

Let them see a solicitor - thats their choice. 

Thanks. My fear is that we're just going to drag this out through solicitors until... well, I don't know what will happen if my estimate isn't accepted? Is some judge going to swoop in, look at the paperwork and say hey, XX price is just and fair? All I know is that I can threaten to force a sale, which will see me excommunicated from the family. Sorry, I know these are questions a solicitor should answer. I'm just not keen to start the war.

mattojgb

If it were to end up in court it would likely be to get the other executor removed on account of their not acting in the best interests of the estate. It would probably cost upwards of £10000. Whether you win or lose the money would probably end up coming out of the estate. In case it were to come to that you need written evidence - so any offers they make or offers from other parties should be in writing.

I'm sure it's best to try and work something out. Maybe if the other executor is aware of the self-dealing rules they will make a better offer. Ultimately the duty of the executors is to act in the best interests of the estate, but you will both need to agree in order to sell the property.

sheslookinhot

Jennex said:

msb1234 said:

What you need to remember here is that you're the one in the bargaining chair! You don’t want the land, the other beneficiary does. As executor, just commission 3 valuations of the land and agree on the middle valuation. The cost of the valuations should come from the estate. If the other executor is expecting to buy it cheap, they're mighty cheeky! As someone else has already pointed out, they could make £1000’s whilst you lose £1000’s. 

Let them see a solicitor - thats their choice. 

Thanks. My fear is that we're just going to drag this out through solicitors until... well, I don't know what will happen if my estimate isn't accepted? Is some judge going to swoop in, look at the paperwork and say hey, XX price is just and fair? All I know is that I can threaten to force a sale, which will see me excommunicated from the family. Sorry, I know these are questions a solicitor should answer. I'm just not keen to start the war.

So you would be excommunicated from your family for trying to ensure the correct process is followed ? Would the other beneficiary be likewise excommunicated for trying to do a family member out of their rightful inheritance?

 Don't let that put you off doing the right thing for you.

Savvy_Sue

If talking hasn't helped, I think I'd start with one formal letter - perhaps paying a solicitor to write it, which shouldn't cost a fortune - setting out the responsibilities of executors to do the best for ALL beneficiaries, and the dangers of self-dealing. 

sheramber

What about?

There is not a ‘dwelling suitable for occupation” on the site. 

Relief is not denied if the purchaser owns or has previously owned non-residential property or mixed residential / non-residential property, as long as that property did not include a dwelling. Where non-residential property was purchased but a dwelling was later constructed or a building was adapted for use as a dwelling, this would not preclude the purchaser from being treated as a first time buyer.

The previous acquisition of mixed property which included a major interest in a dwelling would mean the purchaser would not count as a first-time 

https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm29845

SDLTM29851 - Definition of a dwelling FA03/SCH6ZA/PARA9

“Dwelling” takes its ordinary meaning in the context of SDLT subject to some differences.

The meaning of dwelling includes a building or part of a building that is used or suitable for use as a single dwelling or is in the process of being constructed or adapted for use as a dwelling.