Probate - buying out a beneficiary from property

Minksie1

My MIL died earlier this year leaving everything equally split between my husband and another beneficiary. Hubby is the sole executor and the estate is currently going through probate. We are living in the her house at the moment (we moved in before she died to help care for her) and our intention is to purchase the other dependant’s share of the house. Essentially it will be me buying their half.
Does anyone know whether I will need to instruct a solicitor to complete the sale? 

Also, could she do anything to block this? The relationship they have with my husband is not a particularly warm one. 

Or is it just a case of when the estate is settled, I give her the money for half the value of the house, get my name on the deeds and job is as they say a good one.
TIA

Keep_pedalling

There are two options, one is buy out the other beneficiary the other is to sell and split the money.

The main issue is likely to be one of trust so you need to convince them that the amount they are being offered is the full market value. The advantage for you is no expense of moving and lower stamp duty, for them it is getting their inheritance faster.

Time to sit down with her and have a proper adult conversation. How did your husband value the house for probate?

poseidon1

Minksie1 said:

My MIL died earlier this year leaving everything equally split between my husband and another beneficiary. Hubby is the sole executor and the estate is currently going through probate. We are living in the her house at the moment (we moved in before she died to help care for her) and our intention is to purchase the other dependant’s share of the house. Essentially it will be me buying their half.
Does anyone know whether I will need to instruct a solicitor to complete the sale? 

Also, could she do anything to block this? The relationship they have with my husband is not a particularly warm one. 

Or is it just a case of when the estate is settled, I give her the money for half the value of the house, get my name on the deeds and job is as they say a good one.
TIA

You will need a solicitor since I assume the half share you will be purchasing is valuable enough to trigger a Stamp Duty liability, so tax compliance you should not try to deal with on a DIY basis.

As to the reaction of the other beneficiary to your proposal, presumably that will depend on the basis used for the original probate valuation ( hopefully it wasn't the lowest estate agent figure to avoid/mitigate IHT).

However, you can point out there will be savings for her compared to outright sale on the open market ( no estate agents fees ), you are ready and willing to buy now so hopefully no excessive delays. You might also offer to cover her solicitors fees, if for some reason she does not wish to use the same one. 

Albermarle

If she does not agree/is being awkward, then just say the executor will just have to sell the house.
However make it clear that the market is very slow at the moment, going into Winter, estate agent fees ( min £3,000) more solicitor fees, may take months or even up to a year.
Estate will have to pay half the ongoing bills, so in the meantime, every month council tax, maintenance costs etc etc.