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My wife along with her uncle are the executors of her late parents house. She has 2 brothers and one sister. Her parents wishes were for us to buy the house, although this was not written in the will. All 4 siblings new this to be the case and we're happy and agreed verbally. My wife had the property valued at £210K around last Christmas time, probate has gone through and every one was informed. Three months later one of the brothers who lives in Ireland announced he was coming over to have the house valued and subsequently has now said it is valued at £300k. So we now can't afford to buy it. My questions are: as a beneficiary has he got the right to A. Enter the property without permission. B. Have the house revalued. C. Dictate to the executors how much the property should be sold for and who should sell it. D. Can he stop the sale at £210k or would the majority rule. The two remaining siblings are happy with the original valuation and want to proceed. He's thrown a massive spanner in the works, and every one is totally cheesed off with him! Can anyone please help!
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Re: Beneficiary unhappy with house valuation
Why not all agree to a new independent valuation by an agent you all agree on there seems to be a big gap in the value a Court if it went that far may decide on the higher or lower price an up to date one may be better -
Re: Beneficiary unhappy with house valuation
It is perfectly possible that if the original valuer knew the valuation was for probate they kept it on the conservative side. As for the entry you would need legal advice but as he has an interest in the property at this point I can't see why not. Do as salesman suggests get another agreed valuation .Comment
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Re: Beneficiary unhappy with house valuation
Various sites online where you can find what properties nearby were actually sold/for sale for too.
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Re: Beneficiary unhappy with house valuation
This is tricky because if the second valuation is an accurate reflection of the present market value of the property you are effectively asking the other beneficiaries to take a 20K+ drop in their respective inheritances.
The suggestions above to get two or three independent current valuations seem fairest and safest - your wife as executor could be exposed to allegations of misconduct if her family were to acquire the property at significantly below the market value.Comment
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Re: Beneficiary unhappy with house valuation
And do check out the effect of the increased value on IHT and/or CGTComment
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