Undervaluing an inherited property

[NewHorizons]

Take care about deciding that you can sell the property because you are executor. The terms of the will can be very important, and one of an executor's tasks is, so far as possible, to implement the wishes of the testator.

Thanks, I am not assuming to sell the property but, if we cannot advance towards an agreement to buy/sell out the other, what choice would I have other than to seek a court order to force a sale which would incur additional costs. In the case of such a stalemate, am I within my rights as executor and beneficiary to put the house on the market to see what is offered which would therefore provide a more ‘definitive’ valuation? She has said that, if the price offered was high enough, she would agree to sell and split the profits.

[atticus]

Sorry, I have been away.

That may be your only way forward, but your first step would be as executor to transfer the legal title to the property into the names of yourself and the other heir.

[Ukmicky]

HMRC will require the estate valued prior to a grant of probate.
At this stage it only needsto be approximate to see if IHT is payable so use the mid valuation.
If IHT is payable exact figure can be submitted.

Regarding your sister
If she will not come to an agreement why not put the house on the open market?
Is the will so worded that you as executor cannot sell it and distribute the funds?

I agree . If she won’t agree then sell it .

[NewHorizons]

Thanks to you all for the advice. Still trying to find an amicable way through this for now :-)

[Wyabcp]

This was a very interesting thread, would be good to know the final outcome...