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Ask Clare Your Own Question

Clare, Solicitor
Category: Law
Satisfied Customers: 33013
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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A lawyer is the executor for my deceased mother's estate and

Customer Question

A lawyer is the executor for my deceased mother's estate and I have 2 siblings. My mother's house was valued at £250,000 at the time of her death in May, and estate agents are now proposing to put it on the market at £325,000. Meanwhile, the district valuer is doing his own check on the property's value on behalf of HMRC.
My accountant, and the estate agent, are advising that we wait to put the property on the market til we get HMRC's clearance letter - which as I understand could take 6 months. Apart from taxation issues (there may be less IHT to pay if we wait for the clearance letter) is there any legal/administrative/procedural downside to putting the property on the market now at £325,000. My siblings are worried about waiting too long because the ongoing running costs of the property and the possibility of properties going down in value.
Submitted: 2 months ago.
Category: Law
Expert:  Clare replied 2 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

When was Probate granted?

Customer: replied 2 months ago.
Dear Clare - many thanks for getting back to me. Probate was granted on 19th July 2016. Do let me know any further info you need. Regards, Nicky
Customer: replied 2 months ago.
Sorry, that was a typo - probate was granted on 29th July 2016
Expert:  Clare replied 2 months ago.

Why was there such a significant undervalue for the Probate accounts?

Customer: replied 2 months ago.
Difficult to know. The cottage didn't look in such a good state at the date of her death on 4th May. My siblings and I have cleared and tidied the house and garden and done a repair to the roof. Moreover the cottage has historical connections to my grandfather - who was a well known writer of murder mysteries and an artist, as well as my mother who is herself an artist. The cottage therefore is acknowledged to have unique properties that would make it attractive to certain buyers.
Expert:  Clare replied 2 months ago.

The main reason for delay is that you cannot be sure how much extra the IHT bill is going to be - and of course the proceeds of sale cannot be distributed until that has been dealt with

Please ask if you need further details

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