SCOTTPLASMA
Registered User
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Thanks Mf much appreciated for all your help and answers. Will contact our solicitorEveryone involved should be separately represented. Where no solicitor was used in the Probate, the buyer's solicitor may be able to organise separate representation , at nominal cost, for the other beneficiary and the executor.
If the executor and other beneficiary are resolute on not being represented, the buyer's solicitor will make it very clear to each that s/he takes no responsibility for their actions.
The executor is carrying through on Probate and, now, on beneficiaries' instructions.
There are a few ways of carrying through:
1. The executor vests the property in both names and then the buying beneficiary buys out the other beneficiary.
2. All the parties enter into a Deed of Family Arrangement.
Whatever way it happens, account has to be taken of taxes that may arise - CAT ( which does not seem to arise on the Probate but may arise if the buyer is paying less than market value) , CGT- the increase in value of the property since date of death and stamp duty .
And no, Revenue don't contact anyone- the taxes are self reporting but Revenue may pick up when stamp duty is paid and ask for explanations.
mf
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