Deed of Variation Before grant of probate – required? Straightforward?

[ColinK]

Scenario
Will leaves all assets to 4 beneficiaries
Sibling 1 Executor
Sibling 2 Executor (Me)
Sibling 3 Beneficiary
Relative Beneficiary 5% of estate

Background to questions below
Sibling 1 intends to buy out the property form the other beneficiaries, at market value – all beneficiaries are agreed to this.

I have previously acted as Executor for my late brother’s estate and did all the Probate paperwork and intend to deal with this probate.

This estate has one added complication.

With agreement of the deceased and the other two siblings a Ltd Company owned by sibling 1 built (and paid for) an additional building in the garden of the deceased’s property. This was used by the deceased (due to mobility issues) for a short time. Sibling 1 intends to rent the property when he takes control of both properties.

I believe that the strict application of the law would mean the estate has ownership of this garden house, though beneficiaries do not claim ownership.

All siblings are in agreement on the property valuation (as advised by estate agents) where valuation is based on “as if” the new build is not there. Note I am not asking for advice or warnings about this valuation, but will be happy to read any comments or recommendations if someone feels it is important to comment.

Questions
In order to ensure that the property and land on which the garden house sits is properly transferred to sibling 1, is a Deed of Variation required?

Should that deed of variation refer to the garden building owned by the Ltd company, perhaps making reference to the fact that all beneficiaries agree that it they are not claiming any ownership of this building. Perhaps include a statement from Sibling 1 that they will fully indemnify all other beneficiaries from any consequences regarding the property owned by the Ltd company.

Please comment on a DIY Deed of Variation VS going via a solicitor.

Do all 4 beneficiaries need to sign this Deed of Variation?

Any other complications I have not considered?
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Having previously dealt with a more straightforward Probate, I am happy to deal with this probate and disbursement of funds (monitored and agreed with the other executor and agreed with other beneficiaries).

Before even mentioning this garden building to the solicitor who holds the will, she assumed she would be dealing with probate. I assume that if we approach her she might be unwilling to process the Deed of Variation without also dealing with the Probate.

If we want a solicitor to draw up the Deed of Variation, should it be a straightforward process for any solicitor we approach?

[ColinK]

I was unable to add the following as an edit

No Inheritance tax is due on the estate

[ColinK]

Would be good to receive some comments on this

[atticus]

[It] Would be good to receive some comments on this

This is absolutely not my area. My recommendation would be to take professional advice. That professional will be able to say whether this will be a straightforward process, and if not, why not. He or she will also be able to give you an estimate of fees.

[dslippy]

Do not get too worried about this. Stricthy, deeds of variation are used to mitigate Inheritance Tax issues. Without those issues, it is just a question of those who might benefit/lose out from a change agreeing to it.

[ColinK]

Thanks for your comments atticus and dslippy