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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10630
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am planning to buy my late mother's house from the executors

Resolved Question:

I am planning to buy my late mother’s house from the executors of her estate. My sister and I are the beneficiaries of her estate. We each get equal shares.
I have to make an offer through a firm of estate agents, this offer is then forwarded to the executors to say if it is acceptable. If the property is valued at £300,000 would I have to pay that amount to the estate, or just half as I am a beneficiary. Also what amount of stamp duty would I be liable for. Would it be based on the £300,000 value or the £150,000 if I only had to pay the estate that amount.
Regards,
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
The general rule is that transfers of land in satisfaction of a beneficiary’s entitlement under a will are exempt from SDLT.
Therefore, SDLT would be charged on the £150,000 “top up” paid by you to the estate to satisfy your sister’s entitlement. This would therefore be £500 SDLT to pay.
If you do proceed, the Estate's Solicitor will prepare an Assent document, transferring the property to you, and this will show the consideration of £150,000. Accordingly, upon completion, all you would have to pay to the Estate is £150,000.
If you are going to be having a Mortgage, you will have to explain to your Lender that this is a family arrangement and that the "real" value of the property is £300,000.
I hope this helps you and sets out the legal position.
Kind Regards
AL
Customer: replied 2 years ago.

Thanks Al,

This is the answer I wanted. I did not want to ask the executors as they inform my sister of all matters regarding my late mothers estate. I do not have a good relationship with my sister. As I understand it the executors have the final say on what the property is sold for. I made a fair offer for the property last year but due to me being unable to sell my property my mum's was put on the open market. The offers for it have been less than the offer I made. Should the executors be pursuaded by my sister's unreasonable expectations of the value of the property, as I believe they have been in the past, do I have any course of redress.

Expert:  Aston Lawyer replied 2 years ago.
Hi Stuart,
Thanks for your reply.
The Executors owe a duty to the beneficiaries to get the best price for the property and the decision rests solely with them, and not your sister.
So, if the Agents recommend to the Executors that they take your offer, they are legally obliged to accept it, and your sister will have no say in the matter.
I have never heard of Executors being forced into making a decision by a beneficiary, so I would certainly hope in your case that your sister will not/can not interfere.
I hope this helps.
Kind Regards
AL
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