Can administrator buy house of deceased

[2cutekittens]

Hi, I'm still waiting for intestate probate, almost a year on now. My stepsons have made almost zero contact with me for no apparent reason other than they don't agree with intestate rules and not happy about possible outcome. I have messaged them but they choose which message to reply too or not . It makes me very anxious. I am the administrator of my deceased husband's estate and I instructed a solicitor. It would be good to know what they intend to do once we have probate. They got a solicitor to ask the solicitor dealing with their dad's estate what the figures were which seems ridiculous as that has cost money out of their inheritance. All they had to do was ask me . I am keeping them updated with what i know. My question is I am hoping to buy my home I am still living in but my husband owned it and his name only on the deeds . I will have enough money from inheritance and if I borrow some to buy the house so I don't have to sell our home and move out. There will be enough cash to give the stepsons their inheritance without selling the property. As administrator can I choose to buy the house at the probate value. Can my stepsons stop me for any reason. I believe that they will try and do a deed of variation but I know we all have to agree . Also I guess they could do a caveat and slow things down. It is so hard grieving, trying to hold it all together and carry on this last year and not knowing what the two stepsons are planning. I just want to keep our home, buy it and carry on as my husband wanted me too. Although if he had written a will I would live in the house until I die or move on. His sons would always inherit when I die, but it never got written down. My husband died totally unexpected and suddenly with no warning. But under intestate rules it will work out pretty much as we had discussed over the years

[atticus]

As administrator, have you obtained a grant of 'letters of representation' (probate)? If so, when?

What is your solicitor doing?

[atticus]

NB link to this thread: https://legalbeagles.info/forums/for...estate-probate

[2cutekittens]

Solicitor applied for probate in January this year. IHT forms sent off and they said we may hear in 16 wks, so April or may I guess . There are no debts to pay and there should not be any IHT to pay as we have used the appropriate allowance. So hoping it should be straight forward. Solicitors estimate a further 10 to 20 hours work to finalise it all there are several investments bonds involved.

[atticus]

If you purchase the property, then for your own protection you should do so at market value at the time of the transaction.

[2cutekittens]

Ok thanks, I did read about that with buying the property and that it can be an issue in the future, being accused of under paying. Taking advantage. If the 3 of us were to agree at me buying it at the probate value would putting it in writing legally and signing it make a difference. One other question, if say the market value is a lot more than probate value, who gets that extra money and would it be taxed. As it stands at the moment the house is 640k. I will receive around 625 but some of that is in belongings value not actual money . To give the boys their inheritance around 35k cash needs to be 'found' so the house doesn't have to be sold to release funds. I can borrow 40k hopefully . So if I had to pay more for the house, would the boys be entitled to more than the set out inheritance. I really don't understand that part.thank you for all your replies and info

[Pezza54]

What was the total value of your late husband's estate for probate?
How did you work out how much the boys inherit from the estate?

[PallasAthena]

Probate value is just an estimate of market value at date of death solely for IHT purposes. When a property is later sold whatever is actually received for it in cash forms part of the Estate in its entirety.

[atticus]

Reading the OP's other thread, I wonder whether an agreement of the kind described will be possible. If it is, she should have it drawn up by a solicitor.

[2cutekittens]

What was the total value of your late husband's estate for probate?
How did you work out how much the boys inherit from the estate?

its under intestate rules. total is approx £940k. I will receive the 270k and half of whats left which would mean another 335k. plus i get 19500 for personal belongings chattells which is mostly for furniture, tools and cars, most of which I would keep anyway so no actual cash. The two sons would then get the other half 335k between them.
So i assume i will end up with approx 605k, plus the chattells value. The sons get approx 167500 each, plus they have a separate trust fund which I am trustee of, where they will get around 95k between them.
The house is valued at 640k for probate. I can borrow around 40k hopefully. There is about 300k "cash" from accounts and investments. I am hoping that if I can buy the house for the 640 I can give the sons the extra 35k needed for them to have their inheritance without having to sell the house to someone else in order to release the funds to distribute the inheritance.
I just want to stay in my home as my husband and i intended. Which his sons were told about but now they have changed completely and barely in touch with me which is very difficult. hope that makes sense. Im starting to struggle with this now and getting very anxious and paranoid not knowing exactly what will happen

[2cutekittens]

Probate value is just an estimate of market value at date of death solely for IHT purposes. When a property is later sold whatever is actually received for it in cash forms part of the Estate in its entirety.

I cant get my head around understanding this part. As I and the two sons are the only people inheriting from my husbands estate under intestate rules. If the market value of the house is higher, therefore bumping up the total estate amount, do I have to actually pay that amount or is it deducted from what I would recieve ???? Its as if I am buying the house from my share and paying myself , i dont understand. I need it explained simply !

[2cutekittens]

Reading the OP's other thread, I wonder whether an agreement of the kind described will be possible. If it is, she should have it drawn up by a solicitor.

HI, do you mean an agreement about me leaving the two sons the house or money in my Will. This is what I intend to do as it is what my husband and I discussed. I have in fact already made a "temporary" will stating this as I did not realise that if I die tomorrow then I or my estate will still receive my late husbands estate. In an ideal world it should all be simple. the sons let me buy the house, they get their inheritance share now and in the future they will have further money if its when I am able to release money if I sell up in years to come or inherit money myself and can pay them early or when I die. They will end up with their dads money. I can also release their trust fund money when they want it.

[Pezza54]

The total value of his estate should have included the value of his personal possessions (£19.5k). Under intestacy rules these possessions pass direct to you as the surviving spouse.
So the the value of the estate for intestacy calculations is £920,500
Assuming your husband died before 25 July 2023, (in your first post last December you said he died recently?) you inherit the first £270k and 50% of the remainder. £270k plus 50% of £650,500 gives a total of £595,250, leaving your stepsons £162,625 each
After July 25 2023 the £270k increased to £322k
The sons can inherit property from their father's estate. If the property isn't sold they will each become a co-owner with a 17.667% share of the property.
This would mean when the property is sold they would benefit from a future rise in the property value, or lose out if the value falls

[atticus]

Re post 12, In post 9 I was referring to an agreement of the kind described by the OP in post 6.

[2cutekittens]

Re post 12, In post 9 I was referring to an agreement of the kind described by the OP in post 6.

ok thanks