Can I sell land before it is transferred into my name by executor?

J

johneym

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completed probate from father and have looked for advice from 2 different solicitors regarding selling my land share. They have both given different answers.Before I seek another, would anyone have been in a a similar situation? I was left some land and probate has been completed, but the land not yet transferred to my name. Can I sell this land without transferring it to my name, thereby completing all in 1 transaction? 1 sol says yes, the other no.

Also: land value on cat24 is around 30,000 (dont ask why!)but in reality this should be sold for around 80,000. This is the only thing I received and I wonder how will this affect any tax I may have to pay?

Many thanks in advance
 
You cannot sell the land unless you are the owner or the person entitled to become the registered owner, and in the latter case you prove that it is so. Even where you prove it is so in the latter case, some solicitors would not accept it until you become registered, so might allow their client to sign a contract but subject to your registration completing before completion. Some solicitors might accept an undertaking on closing to assist if your registration did not complete.

The Executor could sell though, without you becoming registered, but then you would not be involved.

In relation to tax, again it depends. Is it possible to revalue on the date of the grant? If not, you may be subject to CGT on the difference between the valuation and the sale price. If you were already on the CAT threshold or subject to CAT then it makes no difference, but if you had ample threshold for CAT to play around with, then not so good.
 
many thanks Vanilla,

I am executor. Probate is finished with me and my brother as beneficiaries. Our respective land sections are clearly defined and in separate locations.
As for CAT24 I had ample threshold but now I am in a bit of a fix.
 
If the land was originally valued at the date of death you can have it valued again at the date of the grant of probate. This can then be the valuation date for tax purposes. I know you said not to ask but is there any good reason the land had a low value?

As the executor you can sell without registering the land in your name.
 
many thanks vanilla. I appreciate your time and opinion here. I will tell you the reason for the low valuation. My brother had the valuation done 1 year previously when calculating all the land value of the holding for something that transpired he didn't need at all!! I now know he informed the auctioneer to keep the value as low as possible. When I needed a land valuation he told me he would handle it and simply had the auctioneer re type the valuation with the current date! I did not pay too much attention and did not know the valuation was wrong. It was done after all by an accredited auctioneer and land valuer. I am not a farmer and do not have much to do with the land. Now talking to him, he was always of the opinion that the lower the valuation the better. But in fact its the opposite for me as I am well below the tax threshold anyway.
I need to check what the time-frame is between the date of valuation and the grant of probate. Time between date of death and probate is 18 months.
How do I now go about applying for the land to be re-valued? I did probate myself.
 
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