Siblings agreeing on value of residential property is taking so long

[Froebel]

Dear All,

Firstly, thanks for reading my issue. I'll keep it brief:

I am buying out my 5 siblings from the family home after the passing of our mother in June 2022. We have arranged a number of valuations from estate agents and an approximate value has been established. We communicate in a WhatsApp Group but can't get any traction amongst the group to formerly agree on a value. Time is ticking (I believe that HMRC starts charging interest on unpaid inheritance tax after 6 months?). I'm starting to get really frustrated but don't want to jeopardize the fragile relationship that we all have. I don't know if anyone has any tips on how to move this forward but would appreciate any suggestions.

Thank you, Bill

Tell them to get a move on as house prices are falling and the valuations would have to be redone if they take another 3 months.

I had a neighbour who died in 2008. Her relatives argued about who would inherit for over a year, so by the time it was finally sold the price had reduced.

Is it really about money or is it possible that some of the siblings do not really want to sell their share to you, and they are using the price setting as an excuse to avoid that?

If they have any sense they will get a move on before values potentially drop.

However, I can imagine all kinds of emotions are wrapped up in this. And getting everyone to agree s value can be hard at the best of times.

Have the valuations they have obtained varied wildly? Could an additional valuation be obtained?

Can you agree to a slightly higher value to get things moving?

If you have agreed a value advise them they need to confirm by xx date. After that you will have to get a revaluation ,which is likely to be lower, and you will be expecting them to cough up their portion of Inheritance tax

I was in a similar situation.
My siblings were basing the valuation on the top figures from agents. They also had an out of date impression of the house. I lived in it, (was renting it since relative went into care). The boiler was very dodgy, the electrics were in a poor state, there was a small leak in the kitchen extension roof...).

I did a spreadsheet using agents' valuations

Added in agents' costs, higher solicitors' costs with thorough buyers who'd ask more questions ( - I wouldn't need surveys, proof of XXX etc), likely time to get a buyer, maintenance costs while waiting, costs of clearing it out, (all of which wouldn't be paid if I bought it on the spot).

I got two "we buy any house" type offers. They were low but offered what I was offering (ie instant cash) and so I said that was a fairer comparison.

I then said if I didn't get an answer by DATE I'd move out and leave the property unrented and they could drive down every week and mow the grass and check the post.

They did the maths and realised selling to me would save them a huge amount of money.

Interestingly one of them was in a similar situation when their own MIL died. They still haven't sold her house one year on and it's costing a fortune.