Executor and house value

[CazzieB]

I have had 4 estate agents round to value my fathers house. The values range from £185K to £235K. I wish to sell at the higher amount and so do my brothers, but my sister wants to buy the house at the lower amount. We was expecting to get 200-220K. I wondered if anyone had any advice or what I can do legally... thanks

[Peridot]

Hi CazzieB,

Is your father still alive? Sorry to be blunt but it may make a difference to the responses.

If the valuations were obtained for a probate valuation in practice you would usually take the middle figure for the probate forms. The probate valuation is the likely sale amount that could be achieved if the property had sold on the day of your father's death.

Any sale (whether probate or in the usual course of things) cannot be at an undervalue so if your sister did buy the property it should be at the market value. Currently values are difficult to predict, I would have thought, with not knowing what will happen when Brexit arrives (or not). Whatever you were expecting or hoping to achieve on selling the house may not happen.

Have you discussed other options with your sister? Can she raise more to purchase the house or is that her maximum? If she purchased the house would you save on estate agent fees etc which could be offset against the price you would like to get? Would she be willing to wait while you 'test' the water and see if you get any offers.

Remember an empty property costs to maintain, insure etc so if the house is on the market for a considerable time it is still costing whoever is looking after it whether family, executors or your father I know houses are not moving quickly in the south east at the moment so it may be worth considering the actual costs should you be unable to sell quickly.

[CazzieB]

Hi Peridot

My father died in December
I have done the probate and sent that off. I got a value of £195K for that.

I had 4 more estate agents round, and the highest value was £235K. One of my clients who has a property portfolio, said I should go for the higher amount as you can always reduce the price.
My sister and her son went to try and get a mortgage last Friday, but I have heard nothing from them.

I think I will have to put the house on the market and change the locks. I have just organised cleaners to go in, as its really dirty.

My nephew is using the drive to park his mates car, (which woops has been blocked in by a skip, not my fault) and at weekends using the house to clean his and his girlfriend car (just had an £80 water bill).

I have dealt with the insurance etc and the houses on the street usually sell within days not weeks.

I just needed to check that as executor, I can change the locks and put the house on the market. My brothers are ok with this.

Thanks